The most popular form of business in Tennessee, forming an LLC in Tennessee can separate your assets from those of your business and create credibility and branding opportunities. It can also make it easier to manage and grow your business.

The state’s LLC filing fees are relatively low, and there is no minimum capital requirement. However, it’s important to keep in mind that an LLC must pay ongoing annual maintenance fees and may require additional permits or licenses depending on its location and type of business. It’s also possible that an LLC could be subject to various federal and local taxes.

Tennessee LLC Formation: A Detailed Overview

A well-planned corporate structure is essential to the success of your LLC, and many entrepreneurs hire an attorney or accountant to help them with this process. There are a variety of services that can provide this assistance for an affordable price. A few options include Incfile, Bizee, and ZenBusiness.

Once your LLC is established, you must also obtain an EIN for the business, which is used to identify it with the IRS. You’ll need this number to open a bank account and submit payroll information and payments for employees. You can get an EIN directly from the IRS or Bizee can get one for you as part of our LLC formation service.

You must also draft an operating agreement detailing how your LLC will be run. This is an internal document, but it’s important because it explains how decisions will be made, how membership transfers happen, and other key aspects of the company.