Business Registration

Registering your company enhances your brand image credibility and perception of your business. This has the effect of improving your business future dealings with third parties, as many businesses will only hire or engage with registered companies rather than individuals.

If you’re planning to start a business, you may have more questions than answers.  Many business owners don’t know how to start or register a business, what entity to choose <<  LLC or Sole Proprietor, LLC or Corporation, etc >>, what steps to take in the process, where or what to file, etc.  We, at Paz Tax, will answer all your questions and help you register your business.  We will recommend the entity that best suits you based on your business and goals in mind. 

Depending on the entity type you choose and how your business is structured, you may be required to register your business with the IRS, state, and other local governments.  We will explain the requirements and tax responsibilities for your business industry.  We will help you complete all the necessary registrations to avoid delays come tax time and penalties and interest.

Each business is unique and may have different registration requirements, some may have payroll or other tax requirements.  Generally, most LLCs and Corporations will have the following requirements, sole proprietors will also have some, and other entities may require other registrations as well.  This list is not all inclusive. 

State Registration

Register your LLC or Corporation with the Secretary of State

Apply for EIN

IRS will issue your business a unique taxpayer identification.

Business License

Apply for the city and county licenses where you will conduct business.

Tax Accounts

The DOR will assign a unique tax account number for each tax your business will pay.

Registration Process

Secretary of State Registration Employer Identification Number (EIN)  Business License (City and County) Department of Revenue Tax Account Registration

Secretary of State Registration

If you’re planning to start an LLC, Corporation, General Partnership, or other entity type, you may be required to register your business with your state’s Secretary of State.  The registration fee will vary by state and entity type.  In Tennessee, the registration for an LLC is $300 and for a corporation is $100.   An annual report fee is also paid to maintain the entity in “active” status. 

Employer Identification Number (EIN) 

An EIN is a unique identifier that is assigned to a business entity so that it can be identified by the Internal Revenue Service (IRS). EINs are commonly used by employers for the purpose of reporting taxes.  Most businesses require an EIN, and sole proprietors may also need an EIN if they will pay employees or require a workers compensation insurance or exemption.  

Business License (City and County)

Your business may also be required to have a business license in the city and county where is it located.  You may need multiple licenses if providing services or selling products in various cities and counties.  Most businesses require a Standard License; this type of license will auto renew each year after taxes are filed and paid.  A few industries that pay annual professional dues may not be required to apply for a business license, but most businesses are not exempt from this requirement.

Department of Revenue Tax Account Registration

You may also need to register your business with the Department of Revenue (DOR).   You will need to apply for tax account numbers to file the required tax returns based on your business and services provided or products sold.   In Tennessee, most businesses will need to apply for a Franchise & Excise Tax and Business Tax account numbers.  Some businesses may also be required to register for other taxes, such as Sales & Use, Liquor-by-the-Drink Tax, or others.  

Need help with your business registration? 
Paz Tax will recommend the entity that best suits you and will help you register your business.

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"It is literally true that you can succeed best and quickest by helping others to succeed."

~ Napoleon Hill