Once you’ve founded your Tennessee LLC, it’s critical to remain on top of your state’s filing deadlines in order to prevent costly fees and penalties.
This article is divided into the following sections:
What exactly is an annual report?
How do I submit my yearly report?
Should I use a registered agent?
Table of Contents
What Exactly Is an Annual Report?
An annual report is a routine file in Tennessee that your LLC must make every year to update your company information, which includes:
Address of the main office
Name and address of the registered agent
A separate charge is required for changes to the registered agent.
Members’ or supervisors’ names and addresses
This report is intended to keep your company records up to date with the State of Tennessee. This enables creditors and other interested parties to locate your company address in the event that they need to contact you. This information is used by the government to trace the payment of your LLC state taxes.
How Do I Submit My Annual Report?
Your Tennessee LLC annual report may be filed online at the Secretary of State’s website. To file, you’ll need your Secretary of State Control Number, which you may discover by using the company information search.
The filing fee is determined by the number of members in your LLC. LLCs with more than six members must pay an additional $50 per member in addition to the regular filing cost.
Should I Hire a Registered Agent?
A registered agent is a person or corporation designated by your firm to receive and deliver documents on your behalf. You may guarantee that your LLC’s reports are always submitted on time to the relevant government agency by employing a registered agent service. The following are the three primary benefits of employing a registered agent service for your LLC:
Avoid late filing penalties: If a Tennessee LLC fails to submit an annual report, the Secretary of State has the authority to dissolve it. A registered agent service will remind you when reports are due and, for an extra cost, will submit the file for you.
Gain flexibility: A registered agent service may receive and submit paperwork for your LLC during normal business hours, allowing you to avoid working from 9 a.m. to 5 p.m. every week. You may also employ a registered agent service to create an LLC in states where you do not already have a company presence.
Maintain your privacy: Using a registered agent service ensures your privacy by keeping your real address off public records. Furthermore, if your LLC is sued, the lawsuit will be served at the registered agent’s address rather than your place of business.