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S Corporations

Starting an S-Corporation (S-Corp) in Tennessee involves several steps. Keep in mind that the process may vary, and it's recommended to consult with a legal or business professional for personalized advice. As of my last knowledge update in January 2022, here are general steps you can follow to start an S-Corp in Tennessee:

  1. Name Your Corporation:

    • Choose a unique and distinguishable name for your corporation.
    • Ensure the name complies with Tennessee's naming rules.

  2. Choose a Registered Agent:

    • Appoint a registered agent with a physical address in Tennessee who will receive legal documents on behalf of your corporation.

  3. File Articles of Incorporation:

    • Prepare and file Articles of Incorporation with the Tennessee Secretary of State.
    • Include essential information such as the corporation's name, purpose, registered agent details, and the number of authorized shares.

  4. Create Corporate Bylaws:

    • Draft corporate bylaws outlining how your corporation will operate.
    • Specify details such as the roles of officers and directors, meeting schedules, and decision-making processes.

  5. Hold an Organizational Meeting:

    • Conduct an organizational meeting of the board of directors.
    • Adopt bylaws, appoint officers, and handle other initial organizational matters.

  6. Obtain an EIN (Employer Identification Number):

    • Apply for an EIN from the IRS. This is a unique identifier for your corporation, necessary for tax purposes.

  7. Elect S-Corp Taxation Status:

    • If you want your corporation to be treated as an S-Corp for tax purposes, you must file IRS Form 2553, Election by a Small Business Corporation.

  8. Register for State Taxes:

    • Register your S-Corp for state taxes with the Tennessee Department of Revenue.

  9. Obtain Necessary Permits and Licenses:

    • Depending on your business type, you may need specific licenses and permits. Check with local and state authorities for requirements.

  10. Annual Reporting and Compliance:

    • Ensure compliance with ongoing requirements, including annual reporting and any other obligations outlined by state law.

It's important to note that the information provided here is a general overview, and legal and business requirements may change. Consider consulting with a business attorney or using online business formation services to ensure all necessary steps are taken correctly and in compliance with current regulations.