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Tennessee
Corporate Name Endings
- The name must include
the word "Corporation," Incorporated," "Company," or an abbreviation
thereof, including words or abbreviations in a foreign language. The
name 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.
Corporation Requirements
- Director Information
- Minimum Number - One or more.
- Residence Requirements - No provision.
- Age Requirements - None.
- Directors are
required to be listed in the articles of incorporation.
- Officer Information
- Officers are
not required to be listed in the articles of incorporation.
- Stock Information
- An increase
shares or par value does not affect initial filing fees.
- Corporate Records
- The charter,
bylaws, all amendments currently in effect, shareholders' meeting
minutes, a list of current directors and officers including their
addresses, and the corporation's most recent annual report must
be kept at the principal office of the corporation.
Taxes and Fees
- Annual Statements
- Every domestic
and foreign corporation authorized to transact business in Tennessee
(except state and national banks) must file an annual report with
the Secretary of State by the first day of the fourth month following
the close of the corporation's fiscal year. The filing fee is $20.
- Income Tax Rate
- The excise
tax is 6% of Tennessee income subject to excise tax.
- Franchise Tax
- Corporations
must also pay a franchise tax based on the amount of stock of the
corporation. The tax rate is .25% of issued and outstanding capital
stock, surplus, and undivided profits as shown on the corporation's
books and records at the close of its last fiscal year preceding
the making of the required report. The minimum tax is $100.
- S Corporation
- S Corporation
status is not recognized by the state of Tennessee.
- License Requirements
- Tennessee
requires most businesses to obtain a license and pay a fee if operating
in the district. Please check with the district to make sure your
business is complying with the license requirements for your particular
profession.
For more information on taxes, visit
http://www.state.tn.us/revenue.
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