A 13-member city council and an elected mayor oversee the administration of Memphis. As the city’s chief executive officer, the mayor is in charge of overseeing all departments and services as well as developing and carrying out new policies and projects. The city’s legislative body, the city council, is in charge of passing laws and ordinances, as well as approving the city’s budget and supervising the activities of the mayor and city departments.
Other organizations, in addition to the mayor and city council, are involved in operating Memphis. The Memphis-Shelby County Airport Authority and the Memphis Light, Gas and Water Division Board are just two examples of the several boards and commissions that fall under this category. These boards and commissions are charged with regulating particular facets of the city’s operations and are chosen by the mayor and/or city council.
There are a few considerations to make while opening a business in Memphis. Even if you have a Limited Liability Company (LLC), you can still require a business license to conduct business legally in the city. Depending on the kind of business you’re launching and where it will be located, there are different requirements. It’s crucial to confirm whether you require a license and what the requirements are with the city’s Business Tax Office.
You should also take some drawbacks of creating an LLC into account. One is that compared to partnerships or sole proprietorships, LLCs frequently necessitate more paperwork and procedures. Additionally, compared to other business arrangements, LLCs could be liable to more taxes and fees. Before choosing a structure, it’s crucial to consider its advantages and disadvantages.
There are a few procedures you must complete in Tennessee if you do require a business license. You must register your company with the Tennessee Secretary of State, request an IRS tax identification number, and then submit an application for a business license with the city where you intend to conduct business. Depending on the type of business you are forming and where it will be located, there may be different fees and criteria.
There are several things to think about while choosing between an LLC and a single proprietorship. LLCs provide limited liability protection, which means that the owner’s personal assets are often shielded from debts and liabilities stemming from the company. However, establishing and running a sole proprietorship is less complicated and expensive. The ideal option for your company will ultimately depend on your unique requirements and objectives.
In summary, the city of Memphis is governed by an elected mayor and city council, with several boards and commissions supervising various functions of the city’s administration. It’s crucial to ascertain whether a business license is necessary and what the prerequisites are if you’re opening a new enterprise in Memphis. Before making a choice, you should also carefully weigh the benefits and drawbacks of establishing an LLC versus a sole proprietorship.
What is an LLP versus. LLC, is the question?” is not directly related to the topic of the article “Who Runs the City of Memphis?” and therefore cannot be answered based on the information provided. However, generally speaking, LLP stands for Limited Liability Partnership and LLC stands for Limited Liability Company. Both are forms of business entities that provide limited liability protection to their owners or members. An LLP is a partnership where the partners have limited liability protection, while an LLC is a hybrid entity that combines the flexibility of a partnership with the limited liability protection of a corporation.
You must submit articles of organization to the Secretary of State’s office in the state where you wish to establish your LLC in order to create an LLC. Additionally, you must select a distinctive name for your LLC, designate a registered agent, and draft an operating agreement outlining the governance and operation of your business. Additionally, depending on your sector and area, you might need to acquire business licenses and permits.