Tennessee is a great spot to launch a small business since it has a booming business environment. However, beginning a business can be difficult, particularly if you have never done it before. The following advice can help you launch a small business in Tennessee.
Select a business structure in the first step. The selection of a business structure is the first step in beginning a business. There are many choices, including corporation, partnership, limited liability company (LLC), and sole proprietorship. Every structure has benefits and drawbacks, so it’s important to do your homework and pick the one that best suits your requirements.
Step 2: Declare Your Company
The next step is to register your business after selecting a structure for it. You can file a business registration with the Secretary of State in Tennessee. This can be done by mail or online. Choosing a business name, submitting the names and addresses of the proprietors, and paying a registration fee are all required steps in the registration process.
Step 3: Acquire Required Licenses and Permits You might need to apply for licenses and permissions from the state or local government depending on the nature of your firm. For instance, you might want a food service permit if you’re operating a restaurant. You might want a zoning permit if you’re beginning a home-based business. To prevent legal problems in the future, it is crucial to conduct research and acquire the required licenses and permits.
Step 4: Open a Business Bank Account
You should open a business bank account after you have registered your business and secured all required licenses and permits. Your personal and corporate finances will remain separate as a result, which is crucial for tax purposes.
Is the owner of an LLC therefore a matter of public record?
The owners of an LLC are not a matter of public record in Tennessee. However, the company’s annual report must include the name and address of the registered agent, and this information is public record. The distinction between an LLC and a DBA is as follows: Doing business as (DBA) is the moniker under which a company conducts its operations. It offers no liability protection and is not a legitimate corporate entity. On the other hand, an LLC is a legitimate business company that shields its owners from liabilities. How can I find out the status of my LLC? By looking up your LLC in the Secretary of State’s database of business entities, you can determine its current status in Tennessee. You can see if your LLC is active or not through here. In Tennessee, how much does it cost to form an LLC? In Tennessee, forming an LLC costs $300. There is no annual renewal cost; this is a one-time payment. Nevertheless, depending on the type of your firm, there can be additional costs associated with getting licenses and permissions.
In conclusion, meticulous planning and study are necessary to launch a small business in Tennessee. You may make sure you have everything in place to launch and operate a successful business by following the above-listed procedures.