State Information

Tennessee

Selecting the Tennessee Corporation or LLC Name

When you begin the selection process to choose a name for your Tennessee corporation, it should be remembered that the name will be unique and will identify you as a separate entity transacting business in the state. The name of a corporation must end with the word “Incorporated,” “Corporation,” “Corp” or “Inc.”. When developing a name for a limited liability company it must end with the words “Limited Liability Company” or “LLC”.

Because the name will need to identify your corporation or LLC as a unique entity, the name will not be accepted if it is likely to confuse the public or if it too closely resembles the name of another business formed in Tennessee.

Do not use any type of punctuation when choosing the name such as asterisks, dashes, periods, underscores or commas in name selection.

Selecting a Board of Directors

It should be noted that a corporation can have several members as director but is only required to have one. Since the board is responsible for managing the business, it is suggested that the board be comprised of individuals that are officers or shareholders who have some type of daily interaction with the corporation. There is no minimum age requirement for a director in Tennessee.

Tennessee Taxes

Business corporations are not expected to file a Corporation Tax Return but all business must file a Franchise, Excise Tax Return, Form FAE 170 annually. Tennessee does not recognize the S Corporation election.

A Tennessee based LLC is required to file FAE 170 as well. The minimum tax due with the FAE 170 is $100.00. Tennessee maintains an individual income tax so employers are expected to withhold state income tax. Tennessee maintains a general sales and use tax of 7% with city/county governments having the authority to impose a tax of 1 % to 2.75%.

Registered Agent

The registered agent must have a physical street address within Tennessee state. PO boxes are not acceptable, within Tennessee.
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