If you have a limited liability company (LLC) in Tennessee, you must file an annual report to keep your business in good standing. It’s a relatively painless process that can be done online.
What Is an Annual Report?
An annual report verifies your business information and tells the state of Tennessee that your LLC is still operating. In addition, keeping up with annual reports is a legal requirement that enables you to obtain a Certificate of Existence, which a bank or creditor might request to confirm your compliance.
In Tennessee, the following information is required for the annual report:
How to File an Annual Report in Tennessee
To file your annual report in Tennessee, visit the Secretary of State’s yearly report website and click “Start Now.”
Then fill in the required information and submit your report.
The fee for filing your annual report is $50 per each LLC member, with a minimum of $300 and a maximum of $3,000.
Reports are due by the first day of the fourth month after the end of your LLC’s fiscal year.
If You Do Business in Other States
If you do business in other states, be sure to register in those states as a foreign LLC. For example, if your LLC is registered in Tennessee and you start doing business in Florida, you’ll need to register in Florida as a foreign LLC.
You’re generally required to register as a foreign LLC if:
- You have a physical presence of any kind in that state
- You have employees in that state
- You regularly meet with clients, managers, or investors in that state
- You are licensed to do business in that state
Once you’ve registered as a foreign LLC, your business will need to follow the annual reporting requirements of that state and pay taxes in that state.
Filing an annual report in Tennessee is relatively easy and crucial to smooth business operations.
Failing to file an annual report can result in serious penalties, as can filing an inaccurate report.
Review all your business information and file your report on time to ensure your LLC remains in good standing.