Each state has different requirements for forming a corporation. Whether you are starting a business or incorporating a business already in existence, you’ll want to understand state requirements for Tennessee incorporation.
The name must include the word "Corporation," Incorporated," "Company" or an abbreviation thereof, including words or abbreviations in a foreign language. It must be distinguishable in the Secretary of State's records from any corporate or assumed name of a domestic or qualified foreign corporation, a reserved or registered name under Tennessee law, or the name of a not-for-profit corporation, limited partnership or limited liability company. Use of the words "Bank," "Credit Union," "Mortgage" and "Trust" requires approval by the Department of Financial Institutions.
The following are Tennessee’s requirements for directors of corporations:
The document required to form a corporation in Tennessee is called the Charter. The information required in the formation document varies by state. Tennessee's requirements include:
Some states require additional filings or steps at the time of incorporation, such as a county level filing, publishing notice of the incorporation in a local newspaper or an initial report filing. Tennessee requires the following:
Tennessee allows professionals, such as accountants, attorneys and physicians, to form a professional corporation (PC).
After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for Tennessee corporations.
Tennessee corporations must keep the following items with their corporate records at the principal office:
The following are taxation requirements and ongoing fees for Tennessee corporations:
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
Tennessee does not recognize the federal S corporation election and does not require a state-level S corporation election. You can still have an S corporation in Tennessee. The S corporation will only be an S corporation for federal tax purposes and not for state tax purposes. For state purposes, the corporation will be treated as a regular C corporation.
The state in which you form your company can provide certain benefits.
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