Doing Business in Davidson County: Limited Liability Companies

The requirements of doing business as a LLCs in Davidson County, Tennessee.

Doing Business in Tennessee | Limited Liability Companies | LLCs | Nashville Business Lawyers

After forming a Limited Liability Company, there are several additional steps you need to take to ensure your business complies with the law.

Requirements of a limited liability company [LLCs]

Required

  • Obtain federal tax ID number (EIN). 
  • Apply for a business license. 
  • Open a business bank account and begin to establish clear separation of business and personal assets. 
  • File an annual report with the state of Tennessee and pay filing fee. 

Recommended

  • Create an operating agreement. 
  • Issue membership interest certificates to owners (members) and record in membership transfer ledger. 
  • Hold and document initial and annual meeting of members (and also the managers, if your LLC is manager-managed). 

Obtaining a business tax license in davidson county

  • Operating in a residential or commercial area: You may need to apply for a Use and Occupancy Permit. Contact the Metro Nashville Department of Codes & Building Safety – Property Standards Division at (615) 862-6590 to obtain complete information regarding current requirements. 
  • Operating a small business from your home: “Home Occupation Permits” are required for all home occupations and may be obtained through the Department of Codes & Building Safety at a cost of $50.00. Contact the Zoning Division at 862-6510 to obtain complete information regarding current requirements. The basic limitations include: There can be one employee associated with a home occupation that is not a resident on the property. Additionally, there can be no signs or advertising of a business at the residence (except in the areas of child care, or tutoring). One vehicle, not exceeding an axle load of 1.5 tons is permitted, but no advertising is permitted on the vehicle. Probably a good “rule of thumb” is: if you can see it, hear it, or smell it, the business is not allowed as a home occupation. 

Business accounting and taxes

  • It is essential to the success of every business to have a CPA who is a great accountant AND has a thorough understanding of Tennessee’s tax laws. The success of your business can depend on this person’s skill and knowledge. 
  • Therefore, Collins Legal endorses Corey Cain with Cherry Bekaert LLP.

Contact our firm to discuss your Limited Liability Company (LLC) and schedule a consultation with one of our experienced business law attorneys.

MORE

Resources

→   Corey Cain, CPA

→   Metro Codes Department address: 800 Second Avenue South in Nashville, TN 37210

→   BLOG: Do I Need a Business Lawyer? 

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