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.
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.