Filing a Tennessee Corporation
Many new business owners are attracted to a Tennessee Corporation because of the benefits it offers. Not only does it provide tax breaks to owners, but it also grants instant credibility with consumers and clients. However, one of the most significant concerns that new owners have about forming a Corporation is the filing process.
Steps To Filing a Tennessee Corporation
Choose A Name
The first thing that new owners must do is choose a name for their company. The state of Tennessee mandates that no two Corporations can share a name, meaning that owners should select a name that’s unique. To ensure that they do so, owners can utilize the DoMyLLC Name Availability Check Page.
Tennessee also requires companies to add an indicator to their name that reflects their corporate structure. In this case, owners will want to add something like, “Corporation,” “Limited,” “Incorporated,” or “Company.” Owners have the option to add an appropriate abbreviation, such as “Inc.,” instead.
Choose An Agent For Service Of Process
Once owners have settled on a name, they’ll then need to choose a registered agent. The registered agent is responsible for accepting all legal correspondence on behalf of the Corporation. Unfortunately, many new owners fail to realize how critical this position is. To ensure that you hire a quality registered agent, consider using a professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
After selecting a name and registered agent, new business owners can file Articles of Incorporation, otherwise known as a Charter, with the Secretary of State’s Division of Business Services. There is a $100 fee to do so. Information that owners will need to provide on these forms includes:
- The name of the company
- Name consent, if necessary
- The additional designation, if applicable
- Name and address of the registered agent
- Fiscal year close month
- Period of duration
- Effective date
- Number of shares of stock the Corporation is authorized to issue
- Address of the principal executive office
- The mailing address of the entity
- Name and address of each incorporator
- Whether the entity is a Professional Corporation
- Other provisions
- Signature of incorporators
File Initial Report
Tennessee does not require companies to file Initial Report
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, owners of the Tennessee Corporation will want to hold an initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once in place, the board can define corporate roles while electing officers. They can also draft corporate bylaws, which will serve as an internal operating manual for the organization. The company cannot exist or conduct business until the board of directors has adopted the bylaws. The bylaws are never released to the public, but many banks and insurers request to see them before engaging in business with a Corporation.
While at the initial corporate meeting, the board of directors should issue stock. The board is the only group with authority to issue stock. They are responsible for doing so throughout the life cycle of the Tennessee Corporation. The amount that they can release was defined previously in the Charter. Additionally, the board will want to maintain a stock ledger to promote transparency and protect the corporate veil.
Obtain Employer Identification Number
The Tennessee Corporation will also need to secure an Employer Identification Numbers from the IRS. The company will need this number to hire new employees, file taxes, and open a business bank account.
File Tennessee Required Annual Reports
Each year, the Corporation will need to submit an Annual Report. The cost to do so is $20. There is an additional fee of $2.25 if filing online. The form is due by the 1st day of the 4th month after the fiscal year close. For instance, if the fiscal year closes on December 31, the form is due by April 1. Learn more at our Tennessee Annual Report page.
A Tennessee Corporation will also need to file state and federal taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we offer comprehensive administrative solutions to help the owners of Tennessee Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Tennessee’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Contact us today to learn more about how we can help form your company and ensure it remains operational.