Tennessee Annual Reporting

You did it. Your Tennessee LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.

There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.

But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.

In Tennessee, an LLC’s annual report includes some vital information about the business and serves to keep the state’s records up-to-date regarding commercial activity within its borders. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.

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What Is the Tennessee Annual Report? Why Is It Important?

Consider an annual report the state’s yearly checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each Tennessee business.

Each state has its own annual reporting requirements, and some don’t even require them. But in most states, you’re required to submit one per year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting an annual report.

Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.

For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in Tennessee might end up falling out of good standing or, even worse, administratively dissolved.

Moreover, keeping your information current will help other businesses and potential customers find you. Anyone can find your LLC’s information by performing a name search, so it’s important to keep it current and up to date.

How Much Does the Tennessee LLC Annual Report Fee Cost?

If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include annual filings like this one, just so that there are no surprises.

Costs vary from state to state. Some are free while others can be several hundred dollars. Tennessee’s annual report fees are somewhat steep. Each year you’ll pay a minimum of $300 to file. And if your LLC has more than six members, you’ll need to pay an additional $50 for every member beyond the first six.

Due Date and Frequency for an Annual Report in Tennessee

After filing the Articles of Organization to start your LLC, you will need to file one annual report per year, due by the first day of the fourth month following the end of your company’s fiscal year. Most LLC fiscal years line up with the calendar year, January 1st to December 31st. If your business falls into this group, you would need to file your LLC’s annual report by April 1st.

If you’re on the ball and want to file ASAP, you can do so as soon as the first day of your fiscal year (usually January 1st).

What Happens if You Don’t File?

You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your annual report can yield some serious consequences.

There are no late fees for missing your annual report due date. But this doesn’t mean you can skate by without filing. If you haven’t filed a delinquent report by two months after the deadline, the state will administratively revoke your LLC.

At that point, your business would lose its authority to do business in the state and you would need to file an Application for Reinstatement for $70 (as well as your missing report for $300+) to get back in good standing.

Required Information

Now that we’ve covered the basics, let’s dig into the details. Your annual report requires certain business information each time you file, including:

  • Secretary of State Control Number (you can find it on the Secretary of State’s mailed reminder or by using the Business Information Search)
  • Principal office address
  • Mailing address
  • Registered agent name and address
  • Manager names and addresses (only if your LLC is manager-managed)
  • Officers (if applicable)

All of this information is likely readily available in your LLC’s online record or Articles of Organization. You might even know it off the top of your head! Regardless, the form shouldn’t take you long at all.

Filing Options

If your annual report due date is fast approaching, you’ll want to know your filing options, and the Secretary of State offers three – you can file online, by mail, or in person.

Online Filing: This is the most efficient method, as your form will be processed immediately. Your journey starts on the Business Services Online website. Select “File an Annual Report” and on the next page, click the red “Start Now!” button. Enter your LLC’s Control Number, confirm that you’re filing for the correct business, and you’ll be on your way. Confirm or enter the appropriate information on the next several pages, enter your payment information, and submit your form.

The Secretary of State provides a helpful, step-by-step video walkthrough if you need some extra assistance.

Filing by Mail: Most of this process is the same as online filing. Follow the instructions above, but when you reach the payment page, you will see a button that reads “Print This Annual Report.” Click it to obtain a printable document, which you can mail (with a check for your payment) to:

Department of State

Corporate Filings

312 Rosa L. Parks Avenue 6th Floor

William R. Snodgrass Tower

Nashville, TN 37243

Filing In Person: If you live near Nashville (or have a trip planned), you can also hand-deliver your printed form and payment to the same address.

Does the State Send Reminders?

Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.

The Secretary of State will send a courtesy reminder to your registered office address at the end of your LLC’s fiscal year, which will include your company’s Control Number and due date. These are incredibly helpful, but we also recommend setting up your own system of reminders closer to the actual due date, just to ensure that you don’t forget.

Conclusion

There you have it, everything you need to know about Tennessee’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.

And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.


Frequently Asked Questions

About Filing the Tennessee LLC Annual Report

Should I use an annual report service, hire an attorney, or prepare and file my own reports?

This question largely comes down to personal preferences, but we do have some general insights. The DIY route can be quite a bit of work, as you’ll need to keep track of your due dates and complete the entire report on your own with no assistance. As for hiring an attorney, this can be prohibitively expensive for many businesses, as a lawyer can charge hundreds or even thousands of dollars to prepare and file your annual reports.

You can think of business services companies as a middle ground between these options. While most of these companies charge a fee to prepare and file your annual reports, that fee will be significantly less expensive than an attorney’s fee. At the same time, you still aren’t going it alone. Instead, you have an experienced professional guiding you through the entire process.

I’ve heard the most about LegalZoom. Are they the best annual report service?

LegalZoom is the most well-known of all business services companies, thanks to its long track record and extensive advertising campaigns. That said, all of that brand power comes at a cost, as LegalZoom’s pricing and features don’t always compare advantageously to its competitors. While we do appreciate LegalZoom’s annual report filing service, it isn’t our top choice.

When is my annual report due each year?

The answer to this question depends on your LLC’s fiscal year. If you follow a standard calendar-year schedule, your annual report due date will be April 1. Otherwise, your report is due by the first day of the fourth month following the closing of your LLC’s fiscal year.

Does Tennessee require LLCs to file initial reports?

In some states, LLCs are also required to file initial reports. These reports are typically quite similar to annual reports, with the difference being that an initial report either accompanies your formation documents or follows their filing within a couple of months.

However, Tennessee requires no initial reports from LLCs. Instead, this state gathers all of the information it needs for your LLC’s first year in business from your Articles of Organization filing.

 

What if I need more time to complete my annual report?

Tennessee does not offer extensions for late LLC annual reports. That said, the state does have a built-in grace period of two months before it will administratively dissolve an LLC for missing an annual report.

Where can I find more official information about Tennessee’s LLC annual reporting requirements?

We already mentioned the state’s helpful “How-To” video that walks you through the annual reporting process. Another resource we appreciate is this page on the Secretary of State’s website, which includes some welcome tips about annual report filing.

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