NEW BUSINESS RESOURCES

Starting a new business can be stressful when you're not exactly sure what accounts you need to open and which  licenses to obtain!  I've put together some information that will help you in determining the differences in business types and deciding what might work best for you.  I offer new business set up's for $50.00 (this does not include forming entities like LLC's or Corporations)  During the set up consultation we will provide you with completed applications for business tax, apply for state accounts required such as Sales Tax accounts, tire tax,(or any other state account required)  obtain your EIN (if needed), explain what taxes you must pay and at what frequency, and help you get payroll set up and started, if needed.  We will be available to answer questions and help you walk through the process of opening your new business to ensure you are compliant with federal, state and local regulations.

Business Entity Comparison

Learn the different types of business entities and what tax returns and types of bookkeeping are required.

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Hobby or Business

Unsure if you have a hobby or a business?  The Federal definition and the State of TN definition may not be the same.  While the IRS may consider your activity a hobby, the state (and local government) may still have licensing requirements.

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Do You Need an LLC?

Most people believe they need to create an LLC to operate a business.  This isn't always true.  Learn more about LLC's and what's required.

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General Partnerships

Learn more about partnerships and the advantages/disadvantages.



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S-Corporations

What you need to know about S-Corps.  LLC's can opt to be treated as S corps as well. The bookkeeping requirements are much more stringent with corporations than other types of entities.

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Self-Employment Tax

Learn what it is and who is required to pay it.  This is a huge part of taxes on the federal level for businesses!




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Starting a Business

This document covers a wealth of information about starting a business and contains a checklist of things you need.   Many of these things don't "have" to be done, however if you are seeking funding from banks or the SBA, many of them are required.

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Business License Application

There are license requirements based on the total gross income of your business on the city/county level. The state requires registrations based on your business model.  This application is good for any county/city in the state of  TN

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Tangible Personal Property Tax

Tennessee businesses are subject to a tangible personal property tax. This tax often comes as a surprise to business owners.  State law says: "Tangible Personal Property is filed by "(a) All partnerships, corporations, other business associations not issuing stock and individuals operating for profit as a business or profession"  The attached pamphlet is from the Montgomery County Assessors office, but the information (EXCEPT the county contacts) applies to each county in the state.  Each business pays this tax in the county in which the business is located.

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Tennessee Department of Revenue

Businesses must register with TDOR for various taxes based on your particular business. Click below to be taken directly to the TNTAP website.

TDOR

APPOINTMENTS

Click below to schedule an appointment to get your business started!  If you prefer to have a virtual or phone appointment, indicate that in the comments area.

APPOINTMENT