Memphis, a thriving metropolis in the U.S. state of Tennessee, is renowned for its illustrious musical past, mouthwatering barbeque, and energetic downtown. If you’re a businessperson planning to launch a venture in this thriving metropolis, you might want to think about setting up an LLC. Liability protection, tax flexibility, and fewer formalities than a corporation are just a few advantages that an LLC offers. We’ll walk you through the procedure of forming an LLC in Memphis, Tennessee, in this post.
The city of Memphis is situated along the Mississippi River in Tennessee’s southwest corner. With a population of nearly 650,000, it is the biggest city in the state. Blues, rock ‘n’ roll, and soul are among the genres of music that are popular in Memphis. Additionally, it is the location of a number of well-known landmarks, including the National Civil Rights Museum, Beale Street, and Graceland, the former residence of Elvis Presley.
The filing fee, the cost of employing a registered agent, and any additional expenses for accelerated processing are just a few of the variables that affect how much it costs to incorporate an LLC in Tennessee. Tennessee’s current filing fee for an LLC is $300. The cost of a registered agent, if you decide to use one, can range from $50 to $200 annually. Additionally, there can be an extra charge of $20 to $50 if you require expedited processing.
Since TN is the postal abbreviation for Tennessee, the cost to incorporate an LLC in TN is the same as in Tennessee. As previously stated, there is a $300 filing cost establishing an LLC in Tennessee. A registered agent fee or an accelerated processing fee are two additional expenses that could change.
Memphis has a comparatively inexpensive cost of living when compared to other large American cities. Numbeo estimates that Memphis has a 24% cheaper cost of living than New York City. Memphis’s median annual household income is close to $40,000. Depending on your job and industry, a salary between $50,000 and $60,000 would normally be regarded as above-average in Memphis. How to Form an LLC in Memphis, Tennessee
1. Pick a name for your LLC: In Tennessee, your LLC must have a special name that is not already in use by another company. On the Tennessee Secretary of State’s website, you can see if the name you want is available. 2. Submit Articles of Organization: To create an LLC in Tennessee, you must submit Articles of Organization to the Secretary of State of Tennessee. Online or mail-in filing is an option. Currently, the filing fee is $300.
3. Find a registered agent: Your LLC requires that you appoint a registered agent. Legal paperwork should be delivered to your company’s registered agent on your behalf. Either use your own registered agent or hire one.
4. Draft an operating agreement: Although it is not necessary under Tennessee law, it is advised that you do so for your LLC. The obligations and rights of the members of your LLC are described in the operating agreement.
5. Acquire all required licenses and permits: You might need to obtain particular licenses and permits to operate in Memphis, Tennessee, depending on the type of business you have. For more information, contact the City of Memphis and the Tennessee Department of Revenue.
In conclusion, creating an LLC in Memphis, Tennessee, is a rather simple procedure. You can start your firm and profit from all the advantages an LLC has to offer by following the instructions provided in this article. Don’t forget to do your homework and get legal advice if you have any questions or concerns. Wishing you success on your new endeavor!