Entrepreneurs frequently have a lot of questions about the state’s legal requirements when launching a business in Tennessee. Whether a Certificate of Existence is necessary in order to run a business is one frequent query. Yes, certain business activities in Tennessee do require a Certificate of Existence, also known as a Certificate of Good Standing.
A Certificate of Existence is a document that attests to a company’s right to conduct business in Tennessee. When opening a business bank account, banks and other financial institutions frequently require this certificate. They may also request it when a business owner applies for a license or permit. In some states, registering a business also requires a Certificate of Existence.
A business must be registered with the Secretary of State and in good standing with the state of Tennessee in order to get a Certificate of Existence. This implies that all annual reports and fees need to be current and fully paid. For $20, the certificate can be purchased online through the Tennessee Secretary of State’s website.
Entrepreneurs need to come up with a name for their business before registering it with the state and requesting a Certificate of Existence. The name must adhere to Tennessee’s naming regulations, which specify that it must stand out from those of competing firms in the state and cannot contain specified phrases. The Tennessee Secretary of State’s business name database can be used by entrepreneurs to determine whether a name is available.
Whether a name is registered as a trademark is a crucial factor to take into account when choosing a business name. A trademark is a design, term, or phrase that serves to identify and set apart a company’s goods and services from those of other businesses. Entrepreneurs should run a trademark check before choosing a business name to make sure the name isn’t already being used by another organization. On the website of the United States Patent and Trademark Office, trademark searches can be performed.
Finally, business owners can ponder how much a Tennessee Employer Identification Number (EIN) will run them. An EIN is a special nine-digit number given to a firm by the Internal Revenue Service in order to identify it for taxation. Thankfully, getting an EIN is cost-free. On the IRS website, companies can apply for an EIN.
In conclusion, business owners in Tennessee must make sure that their enterprise is registered with the state and in good standing in order to receive a Certificate of Existence, which is necessary for some types of commercial activity. Entrepreneurs must come up with a name that fits with Tennessee’s naming criteria and is not already trademarked by another company before registering a business and receiving a Certificate of Existence. Online business name registration costs $20, and obtaining an EIN is free. Both are available to entrepreneurs.
You can submit an application immediately through the IRS website, by mail, fax, or phone, to obtain a free EIN number in Tennessee. There is no cost associated with obtaining an EIN number, so be wary of any third-party services that do.
Apply online on the IRS website or by mail/fax using Form SS-4 to get an Employer Identification Number (EIN) in Tennessee. Basic information about your company will need to be provided, such as the legal name, postal address, and entity type. The name, social security number, and contact information of the accountable person may also be required to be provided. While it is not necessary to have a Certificate of Existence to apply for an EIN in Tennessee, you could need one for other business-related reasons.