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Start A Business In Tennessee

Tennessee landscape
Photo by Isaac Weatherly on Pexels.com

This is a great idea if you live within the state’s borders. Tennessee does not have a personal income tax. Income that flows from you to your business is not taxed by the state, which means that you have more money in order to invest in your business. Tennessee has one of the most competitive tax burden in the country. A mixture of no state personal income tax and no state property tax helps keep the tax burden low.

5 Tips On Running Your Business

  1. Register with the state
    • register with Department of Revenue through the states website online tax registration site and you can register your new business, location, and change address.
    • where state keeps up with your business
  2. Know The Business Enterprise Resource Office
    • TN provides assistance to companies with less than 20 employees to encourage revenue growth and job creation
    • BERO office helps identifying financing avenues, connection to buyers in corporate and government offices, and networking with other entrepreneurs
  3. Know your taxes
    • you must pay taxes
    • number of taxes you pay depends on company
    • franchise tax- tax on greater of net worth or book value property owned or used in Tennessee
    • tax rate – $.25 per $100
    • excise tax – based on net earnings of the firm earned with the state’s borders.
    • formula to determine taxes owed
    • sales and use tax – 7% state tax (plus local tax 1.5% to 2.75%) on anyone or company that manufactures and sells tangible personal property within the state. There is a long list of exemptions to this tax based on specific situations.
  4. Grab State Incentives
    • start a business you want to make sure you are grabbing as much free money or tax discount incentives as possible. Tennessee’s state government has a website that allows you to see discounts offered for those who start a business in the state’s border
  5. Grant and Loan Programs
    • reinvesting in smaller communities to encourage job growth.
    • business can’t directly get access to these programs since they go to the community, but be in contact with the right people within those communities to encourage investment in your firm so you can open your business on their main street and not the town on the other side of the interstate.
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Published by Sarah

Hello! I'm a self-employed entrepreneur. I enjoy affiliate marketing and photography in my spare time. I am currently in college for communications in social media and working towards my undergraduate degree in graphic design.

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