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Tennessee, officially the State of Tennessee, is a state in the Southeastern United States. It is bordered by eight states, with Kentucky to the North, Virginia to the Northeast, North Carolina to the East, Georgia, Alabama, and Mississippi to the South, Arkansas to the West, and Missouri to the Northwest. The Appalachian Mountains dominate the Eastern part of the state, and the Mississippi River forms its Western border.
Tennessee has a total area of 42,143 square miles (109,247 km2).
Tennessee population in 2019 is estimated to be 6.8 million, ranks 16th populous state in the United States.
In Tennessee, English is the official language with about 94.6% of the population. Spanish is the second common language with 3.9%, other languages with 1.5% of the population.
The government of Tennessee is organized under the provisions of the 1870 Constitution of Tennessee, first adopted in 1796. As set forth by the state constitution, Tennessee's government is divided into three branches: Legislative, Executive, and Judicial branches.
In 2019, the real GDP of Tennessee was $330.8 billion. The GDP per capita of Tennessee was $48,440 in 2019.
Tennessee has a reputation as a low-tax state and is usually ranked as one of the five states with the lowest tax burden on residents.. Tourism contributes billions of dollars every year to the state's economy, and Tennessee is ranked among the Top 10 destinations in the nation. Tennessee's electric utilities are regulated monopolies, as in many other states. As of 2019, the Tennessee Valley Authority owned over 90% of generating capacity.
United States Dollar (USD)
The corporate laws of Tennessee are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of Tennessee are familiar to many lawyers both in the US and internationally. Tennessee has a common law system.
One IBC supply incorporation in Tennessee service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
Company Information privacy:
No public register of company officers.
Just 4 simple steps are given to start a business in Tennessee:
* These documents required to incorporate a company in Tennessee:
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How to start a business in Tennessee
There is no minimum or a maximum number of authorized shares since Tennessee incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
Financial statement
Tennessee law requires that every business have Registered Agent in the State of Tennessee who may be either an individual resident or business that is authorised to do business in the State of Tennessee
Tennessee, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Tennessee taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
A separate $15 business license registration fee must be paid to the county and/or municipal clerk for each new business. Once you register for business tax, please contact the individual county and/or municipal clerk to arrange for payment of this required fee and to obtain your business license. It takes up to 10 business days for the Department of Revenue to register your business.
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Payment, Company return due date:
Tennessee Filing Due Date: Your business tax return is due on the 15th day of the fourth month following the end of your fiscal year. For example, if your fiscal year coincides with the calendar year, then your return will be due on April 15.