Why Form an LLC in Tennessee
Not all business owners are successful. It is a fact. According to statistics, about 20 percent of small businesses don’t make it in their first year and 50 percent have faltered by their fifth year. But why start? Well, because you will never know unless you jump in and give it a try!
Picture this. Imagine yourself in your sixties, sitting on a rocking chair, watching your grandchildren play. One of them approaches you and asks, “Can you tell us a story?”.
Would you rather tell them an adventure story – an exciting event in your life where you pursued something you were passionate about regardless of the outcome? An adventure story which talks about courage, persistence and grit.
Or would you rather tell stories of what could have beens – a sad, unfulfilled dream, never attempted, fear and regret-filled story of a lifetime?
The answer is clear. Despite the uncertainties, you will go for something you deem is well-worth of your hard work, something you can be proud of and boast to your children and grandchildren someday.
If you have been thinking about how to start business in Tennessee for quite a while, what are you waiting for? Go ahead and get started today. It is easy, fast and cost-effective! Plus, you can actually consider a business venture an adventure in itself.
Why an LLC?
There are different entity structures you can choose for your business. A Limited Liability Company (LLC) is the most popular choice. What differentiates LLC from the others is its liability protection and the fact that it can help save you money from taxes. If ever you get into a lawsuit, your personal assets are protected because LLC is considered as a separate legal structure.
Moreover, there are lots of tax options to choose from, it’s easier to manage and offers flexibility which are often what you do not find when filing as a sole proprietor, corporation or partnership.
As if these facts aren’t enough, in terms of cost, if you’re filing as an LLC in Tennessee, you would only have to cover the $300 state fee for 1-6 members. If you have more than 6 members, you would only need to pay $50 for each member in excess. The maximum fee however is capped at $3000. Filing for an LLC is fairly fast and can be done online. An approval can be granted instantly or can take 5 to 7 business days via mail.
The end to end process of forming an LLC, gathering all the requirements and permits, can be long and overwhelming. However, there are lots of guides or checklists you can search online to help you with the step by step process. Once you see the steps outlined and in detail, it wouldn’t seem as a daunting task.
Also, think of it as a start in building your own empire and being your own boss. Whether it is a service or product that you would be offering, make sure that you put your best efforts in building your organization’s structure and marketing strategy. Who knows, one day, your business might be that success story that gets passed on generation to generation someday.
