Business Formation: LLC, Corporation, and Partnership Services in Springfield, Tennessee
Complete Guide to Business Formation in Springfield
Forming a new business in Springfield, Tennessee involves important legal and administrative decisions that affect liability, taxes, management, and long-term growth. At Jay Johnson Law Firm we help local business owners understand the differences between LLCs, corporations, and partnerships, and we guide them through registration with the Tennessee Secretary of State. This introductory overview explains the basic choices available to founders, highlights common pitfalls to avoid when filing formation documents, and outlines the steps you can expect from initial consultation to finalized formation and compliance setup for your new entity.
Whether you are starting a small family business or launching a company with multiple investors, choosing the right entity type sets the foundation for future operations and legal protections. We focus on practical considerations such as personal liability exposure, tax implications, management structure, and continuing compliance requirements under Tennessee law. This section prepares prospective business owners in Robertson County to ask the right questions, gather necessary documents, and move forward with confidence when deciding among LLC, corporation, or partnership structures suited to their needs.
Why Thoughtful Business Formation Matters for Springfield Companies
Proper formation provides several tangible benefits for a new business, including clearer ownership rules, defined governance, and separation of personal and business liabilities. Well-drafted formation documents and operating agreements also reduce the likelihood of future disputes among owners and create a framework for decision-making and capital contributions. Additionally, the right entity selection can lead to better tax treatment and easier access to financing or transfer of ownership. For Springfield entrepreneurs, investing time early in formation and organization helps protect personal assets and supports sustainable growth for the business over time.
About Jay Johnson Law Firm and Our Business Formation Services
Jay Johnson Law Firm serves clients across Tennessee from our Hendersonville base and provides hands-on guidance for business formation matters in Springfield and Robertson County. Our approach emphasizes clear communication, practical solutions tailored to each client’s goals, and thorough handling of filings and governance documents. We assist with drafting articles of organization or incorporation, operating agreements, partnership agreements, and initial resolutions. Clients appreciate that we prioritize careful preparation and ongoing compliance to help new businesses get started on a solid legal footing that supports their operational and financial objectives.
Understanding Business Formation Options and Processes
Choosing an entity type involves comparing structures such as sole proprietorships, partnerships, limited liability companies, and corporations based on liability protection, management flexibility, taxation, and administrative complexity. Tennessee has specific rules for registering each type, and formation often includes filing with the Secretary of State, creating internal governance documents, obtaining an EIN from the IRS, and meeting local licensing requirements. This section walks through the typical steps, timelines, and decisions founders face so they can make informed choices that align with their business model and future plans within Springfield’s legal and regulatory environment.
Beyond the initial filing, formation also includes establishing bank accounts, properly documenting capital contributions, and implementing recordkeeping practices to maintain the liability protections the chosen entity offers. Different ownership arrangements and investor expectations may require customized agreements that address profit distributions, transfer restrictions, and dispute resolution. We emphasize proactive planning to reduce confusion later and ensure the corporate or organizational framework supports fundraising, hiring, and growth while complying with Tennessee statutes and local ordinance requirements relevant to businesses operating in Springfield and Robertson County.
Definition and Explanation of Common Business Entities
A limited liability company combines elements of partnerships and corporations to offer flexibility in management and pass-through taxation while providing liability protection for owners. Corporations create a separate legal entity with shareholders and potential for different tax treatments and transferability of ownership. Partnerships offer straightforward formation for two or more persons but require clear agreements to address liability and profit sharing. Understanding the legal nature and consequences of each entity type helps business owners select the structure that best matches their operational needs, financial goals, and appetite for regulatory formalities under Tennessee law.
Key Elements and Formation Processes to Complete
Important steps in formation include choosing an available business name, filing formation documents with the Tennessee Secretary of State, appointing a registered agent, and preparing governing documents such as an operating agreement or corporate bylaws. Additional tasks include obtaining an Employer Identification Number, registering for state taxes, and securing local permits or licenses. Each of these elements affects legal protections, tax obligations, and daily operations. Attention to these processes at the outset prevents gaps that can cause administrative headaches or undermine liability safeguards as the business grows in Springfield and across Tennessee.
Key Terms and Glossary for Business Formation
This glossary explains terms often used during business formation so founders in Springfield can follow filings and documents with confidence. Definitions cover roles like registered agent, capital contribution, operating agreement, articles of organization, bylaws, and more. Familiarity with these terms helps when reviewing draft documents, meeting compliance deadlines, and communicating with banks or investors. Clear definitions also assist in understanding how decisions at formation influence governance and owner responsibilities, reducing the chance of misunderstandings during critical early stages of running a Tennessee business.
Registered Agent
A registered agent is an individual or company designated to receive official legal notices, tax correspondence, and service of process on behalf of the business at a physical address in Tennessee. Maintaining a reliable registered agent ensures timely receipt of important documents and compliance with state requirements. The registered agent address is public record, and selecting someone who will be available during regular business hours prevents missed deadlines. Many businesses use a law firm or professional service to serve in this role, but any responsible adult or domestic business with a Tennessee address may be named as the registered agent.
Operating Agreement
An operating agreement outlines how an LLC will be managed, allocate profits and losses, handle capital contributions, admit new members, and resolve disputes among owners. While Tennessee does not always require a written operating agreement for formation, having one provides clarity and helps preserve liability protections by documenting the separation between the business and owners. The agreement also serves as a reference for governance matters, succession planning, and operational expectations, and is especially important for multi-member LLCs or when outside investors are involved.
Articles of Organization / Incorporation
Articles of organization for an LLC or articles of incorporation for a corporation are the foundational formation documents filed with the Tennessee Secretary of State to create the legal entity. These filings typically include the business name, principal office address, registered agent information, and details about management or share structure. Filing these documents officially registers the business with the state and starts the statutory timeline for compliance requirements. Accurate and complete filings help avoid delays or rejections and ensure the new entity is recognized under Tennessee law.
EIN and Tax Registration
An Employer Identification Number issued by the IRS identifies the business for federal tax purposes, supports opening bank accounts, and is required for hiring employees. After obtaining an EIN businesses must register for applicable state and local taxes, such as sales tax or employer withholding in Tennessee. Proper tax registration and recordkeeping ensure the company can meet payroll obligations and file returns on time. Early attention to tax registration also informs choices about entity classification for tax reporting and helps prevent penalties or missed filings for new businesses operating in Springfield.
Comparing LLCs, Corporations, and Partnerships for Springfield Businesses
Each business form has trade-offs involving liability, taxation, governance, and administrative burden. LLCs generally offer flexible management and pass-through taxation while protecting owner assets from business debts. Corporations may be better suited for businesses seeking outside investment, offering clearer share structures and transferability, but they involve more formalities and potential double taxation unless an S-corp election is made. Partnerships are straightforward but can leave partners personally liable unless a limited partnership structure is used. Evaluating these factors in the Springfield context helps align choice of entity with long-term business plans and local market considerations.
When a Narrow Formation Approach May Be Appropriate:
Simple Ownership and Low Risk
A more limited or informal formation approach can work when a small operation has minimal liability exposure and a single owner who wants to keep administrative work to a minimum. In those cases, a sole proprietor model or a single-member LLC with basic governing documents may be adequate to begin operations while keeping costs low. For businesses with straightforward local operations and limited capital requirements, this approach reduces early administrative complexity while still allowing the owner to test the market and refine the business model before expanding formation structures.
Short-Term or Pilot Projects
When a venture is a short-term project, pilot, or side business not intended to grow quickly or take on outside investors, minimal formation steps may be suitable initially. Keeping legal structure simple can allow entrepreneurs to validate the business concept and generate revenue without unnecessary formalities. However, even in these circumstances, basic agreements and proper recordkeeping are advisable to protect the owner and maintain clarity on financial results. If the business outgrows its initial model, owners can convert to a different entity type with guidance on how to manage the transition under Tennessee law.
When a Comprehensive Formation Process Is Advisable:
Multiple Owners or Investors
A more thorough formation process is important when there are multiple owners, incoming investors, or complex ownership arrangements that require clear allocation of rights and responsibilities. Comprehensive documents address contributions, voting, profit distribution, buy-sell provisions, and dispute resolution to reduce the chance of future conflict. Well-drafted agreements provide predictability and protect both the business and the owners in the event of changes in ownership, financing events, or a sale, ensuring that all parties understand their obligations and remedies under Tennessee law.
Regulatory or Financing Considerations
Complex regulatory environments, planned fundraising, or arrangements that anticipate employee equity or creditor relationships call for a comprehensive approach to formation. Proper corporate governance, securities compliance, and tailored operating agreements help prevent costly missteps in financing rounds or regulatory reviews. When long-term growth, third-party investment, or formal management structures are part of the plan, thorough legal work during formation reduces future revisions and supports smoother expansion and compliance with relevant Tennessee statutes and federal rules.
Benefits of Taking a Complete Approach to Formation
A comprehensive formation strategy reduces ambiguity among owners, creates a strong record for lenders and investors, and helps preserve liability protections by documenting business operations and governance procedures. Clear agreements tailored to the business plan support confident decision-making and can prevent disputes by establishing procedures for common scenarios like ownership transfers, dissolution, or capital calls. This proactive approach allows Springfield businesses to scale while maintaining compliance and minimizing the need for time-consuming restructurings later.
Building a complete foundation at formation also streamlines relationships with banks and government agencies, making it easier to open accounts, obtain financing, and manage payroll and tax obligations. Detailed formation work anticipates future needs such as hiring employees, offering equity, or attracting investment, and it includes practical compliance steps that reduce the likelihood of penalties or administrative setbacks. Overall, a comprehensive approach creates operational clarity and legal protections that support sustainable business development in Tennessee.
Clear Governance and Owner Expectations
Documenting roles, decision-making authority, and procedures for financial contributions and distributions prevents misunderstandings among owners and managers. Clear governance structures are particularly valuable for multi-owner businesses or those expecting investor involvement, as they outline how decisions are made and how disputes are resolved. This clarity reduces operational friction and helps maintain positive working relationships among owners while also providing a defensible record for lenders, regulators, or courts if questions arise about business actions or owner responsibilities.
Stronger Legal Protections and Business Continuity
When formation is handled thoroughly, the resulting documentation supports the separation between personal assets and business liabilities, reducing the risk that personal assets will be exposed to business claims. Comprehensive planning also includes provisions for succession, dissolution, and transfer of ownership, which maintain business continuity in changing circumstances. These measures help protect the company’s value and allow owners to plan for eventual sale or transition while preserving important legal protections under Tennessee law.
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Practical Tips for a Smooth Business Formation
Reserve and confirm your business name early
Choosing and reserving a business name early helps avoid delays and conflicts during the formation process. Confirming the availability of the desired name with the Tennessee Secretary of State and researching trade name or trademark issues reduces the chance of a forced rebranding later. A clear, consistent name also simplifies banking and marketing, and it becomes the foundation for registering domains and social media presence. Taking care of this step in the beginning saves time and prevents administrative interruptions as other formation tasks move forward.
Create written governance documents from day one
Keep organized records and comply with ongoing requirements
Maintaining organized formation and governance records, including formation filings, meeting minutes, and financial documentation, preserves the legal protections associated with your entity and streamlines future transactions such as financing or sale. Staying current with Tennessee filing deadlines, franchise and business tax obligations, and any required annual reports prevents penalties and keeps the business in good standing. Consistent recordkeeping also simplifies tax preparation and helps owners make informed operational choices based on clear financial and legal records.
When to Consider Professional Assistance with Formation in Springfield
Business owners should consider professional formation services when they face multiple owners, seek outside capital, plan to hire employees, or expect to scale operations beyond a local market. Professional guidance helps align entity selection, tax planning, and governance documents with long-term goals while ensuring compliance with Tennessee and local requirements. Assistance is also valuable when owners want to minimize personal liability and establish clear financial and operational structures that banks or investors will accept without further negotiation or correction.
Even for simple startups, consulting on formation can clarify tax implications and administrative responsibilities that new owners might overlook. Professional direction speeds up registration, helps avoid common filing errors, and provides a framework for recordkeeping and compliance that sustains the company through its early stages. For Springfield business founders balancing day-to-day operations, outside support ensures formation tasks are completed efficiently so owners can focus on launching and growing the business with confidence.
Common Situations That Lead Clients to Seek Formation Services
Typical circumstances triggering formation assistance include bringing in partners or investors, preparing to hire employees, acquiring property or significant equipment, or applying for business financing. Other reasons are concerns about personal liability from contracts or client relationships, or the desire to implement an ownership transfer plan. In each case, formation services ensure the organizational structure and governing documents match the business’s operational realities and future plans in a way that supports stability and growth under Tennessee law.
Bringing on Co-Owners or Investors
When adding co-owners or outside investors, it is important to document ownership percentages, voting rights, capital contributions, and exit mechanisms. Proper agreements clarify expectations and protect all parties by defining how profits will be shared, how decisions are made, and how disputes will be resolved. These terms limit ambiguity and provide a structured process for handling future changes in ownership or control, which is particularly important when external capital and differing priorities are involved.
Preparing to Hire Employees
Hiring employees introduces payroll, withholding, unemployment insurance, and compliance with labor-related obligations that require correct tax registration and organizational procedures. Choosing a legal entity that facilitates payroll and limits owner exposure to employment-related claims helps smooth scaling. Proper formation and registrations also support worker classification and benefits administration, which are important to sustaining operations and maintaining compliance with federal and Tennessee employment rules.
Seeking Loans or Vendor Credit
Lenders and vendors often require evidence of formal business formation, governance documents, and financial records before extending credit. An organized legal structure with up-to-date filings and clear ownership documentation improves credibility with lenders and creates simpler pathways to financing. Preparing these documents during formation positions a new business to respond quickly to financing opportunities and supports better terms when banks and suppliers have confidence in the entity’s legal and financial organization.
Business Formation Services for Springfield and Robertson County
Jay Johnson Law Firm provides formation assistance tailored to businesses in Springfield and across Robertson County, focusing on the legal and administrative steps needed to start and operate under Tennessee law. We assist with entity selection, drafting governing documents, filing formation paperwork, and setting up regulatory and tax registrations. Our services aim to reduce administrative hurdles and deliver a clear path from initial planning to an established business entity that can pursue growth opportunities with proper legal and operational foundations.
Why Local Business Owners Choose Jay Johnson Law Firm
Local entrepreneurs value working with a firm familiar with Tennessee filing requirements and local business norms in Springfield. We emphasize clear communication and practical solutions that match a client’s goals rather than unnecessary complexity. Our role is to translate legal requirements into manageable steps, ensuring formation paperwork, governance documents, and early compliance actions are handled properly to protect owners and support business operations from day one.
Clients appreciate assistance with preparing formation documents that reflect realistic governance and financial arrangements, which helps avoid disputes and facilitates relationships with banks and investors. We also assist with routine filings and registrations that new businesses must complete, saving owners time and helping them avoid technical errors that can lead to delays or additional costs.
Beyond initial formation, we provide guidance on maintaining compliance, updating documents as the business evolves, and preparing for financing or sale. Our goal is to provide consistent support so that business owners in Springfield can focus on operations while legal details are managed in accordance with Tennessee requirements and practical business needs.
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How the Business Formation Process Works with Our Firm
Our process begins with a consultation to understand your business goals, ownership structure, and operational needs, followed by recommendations for entity selection and a checklist of required documents. We draft and review formation filings and governing agreements, coordinate registrations and tax IDs, and assist with compliance tasks such as licensing or local permits. Throughout the process we keep clients informed of timelines and next steps so formation is completed efficiently and correctly under Tennessee law for Springfield-based ventures.
Step One: Initial Consultation and Entity Selection
During the initial consultation we review your business plan, funding needs, ownership structure, and anticipated operations to recommend the most suitable entity type. We discuss liability, tax implications, and governance preferences so you can make informed decisions. This stage sets the foundation for drafting formation documents and selecting a business name and registered agent, which are early and important actions to secure the chosen structure and begin formal registration in Tennessee.
Collecting Owner Information and Business Details
We gather owners’ contact and identification information, proposed ownership percentages, and descriptions of business activities to prepare accurate formation documents. This information is essential for completing articles of organization or incorporation and designing governance agreements that reflect each owner’s role. Clear documentation at this stage improves the speed and accuracy of filings with the Tennessee Secretary of State and ensures later processes such as opening bank accounts or applying for licenses go smoothly.
Choosing a Business Name and Registered Agent
Selecting an available business name and appointing a registered agent are key early actions. We conduct name availability checks, suggest name formats consistent with Tennessee requirements, and provide options for registered agent arrangements. Securing these items early reduces the risk of filing delays and confirms the public record necessary for formation filings. With these selections finalized we can prepare and file the documents required to create the legal entity.
Step Two: Drafting and Filing Formation Documents
Once the basic decisions are made, we prepare and file the articles of organization or incorporation and any initial resolutions needed to document the formation. This step includes drafting an operating agreement or bylaws that set governance rules and owner obligations. Accurate filings with the Secretary of State and properly tailored governing documents help ensure the business is recognized and operates in accordance with Tennessee statutory requirements.
Preparing Governing Documents
We draft operating agreements, partnership agreements, or corporate bylaws that address management structure, capital contributions, profit allocation, and transfer procedures. These documents are customized to align with the owners’ arrangement and business goals, and they provide a reliable framework for decision-making and dispute resolution. Proper governance documents strengthen the legal structure of the business and support relationships with banks and partners by demonstrating organized internal controls.
Filing with State and Federal Agencies
After drafting formation documents, we handle filing with the Tennessee Secretary of State, obtain the federal EIN, and advise on state tax registrations and local licensing requirements. Completing these filings correctly is necessary to open business bank accounts, hire employees, and comply with regulatory obligations. We monitor the process, confirm filings are accepted, and advise on any follow-up actions to keep the business in good standing from the outset.
Step Three: Post-Formation Setup and Compliance
Following successful formation, we assist with practical post-formation tasks such as opening bank accounts, preparing initial minutes or resolutions, setting up recordkeeping practices, and confirming tax and licensing registrations are in place. This phase focuses on operational readiness and maintaining the legal protections established during formation so the business can begin operations with confidence and meet ongoing Tennessee compliance obligations.
Banking, Records, and Initial Resolutions
We advise on the documents needed to open business bank accounts, draft initial resolutions or organizational minutes, and recommend recordkeeping practices that preserve limited liability protections. Establishing separate financial accounts and consistent recordkeeping demonstrates the separation between owner and business activity, which is important for legal and tax purposes and for presenting a professional image to partners and creditors.
Ongoing Compliance and Annual Requirements
Businesses must meet ongoing requirements such as state annual filings, franchise or business tax obligations, and maintaining accurate corporate records. We provide guidance on monitoring deadlines, preparing annual reports, and implementing systems to ensure continued compliance. Staying current with these obligations preserves the entity’s good standing in Tennessee and prevents unnecessary penalties or administrative complications as the business grows.
Frequently Asked Questions About Forming a Business in Springfield
What is the difference between an LLC and a corporation in Tennessee?
An LLC generally provides owners with flexible management and pass-through taxation, meaning profits and losses typically pass through to owner tax returns while the company itself is not taxed at the entity level unless an election is made. Corporations create a distinct legal entity with shareholders and are subject to more formal governance requirements such as bylaws, shareholder meetings, and potential corporate taxes. Corporations may be preferable when seeking outside investors or issuing stock, whereas LLCs offer operational simplicity and flexibility that many small businesses find advantageous.Choosing between an LLC and a corporation depends on factors like ownership structure, plans for investment, desired governance formality, and tax considerations. Discussing your goals and financial plans helps determine which structure aligns with long-term objectives. Proper documentation and consistent compliance are essential in both formats to preserve liability protections and ensure the entity meets Tennessee filing requirements and other regulatory obligations.
How long does it take to form a new business entity in Tennessee?
Formation timelines vary depending on the completeness of filings and processing times at the Tennessee Secretary of State. Once articles of organization or incorporation are submitted and accepted, the filing can often be completed within a matter of days, though expedited processing or review of incomplete submissions can affect the timeline. Obtaining an EIN from the IRS is typically quick, often available online immediately after application, while other registrations such as local licenses can add additional time depending on municipal processes.Planning ahead and preparing accurate documents speeds the overall process. Working with counsel or a formation service can help identify necessary information, avoid common filing errors, and track filings through state systems so you have a reliable estimate of when the business will be officially recognized and ready to operate in Tennessee.
Do I need an operating agreement for my LLC in Tennessee?
Although Tennessee does not always require a written operating agreement for single-member LLCs, creating one is strongly advised to document member rights, management responsibilities, and financial arrangements. A written operating agreement clarifies how profits and losses are allocated, how decisions are made, and procedures for admitting or removing members. This documentation supports the separation between the LLC and its owners, which helps protect personal assets and provides clarity for banking and investor relationships.An operating agreement is particularly important for multi-member LLCs where clear agreements reduce the risk of disputes. It also helps on practical matters such as succession planning, buyout provisions, and dispute resolution. Preparing this document at formation ensures governance expectations are clear from the start and helps the business avoid misunderstandings in the future.
What taxes will my new business need to pay in Tennessee?
New businesses in Tennessee may face federal income tax obligations for owners, state franchise and excise taxes depending on entity type, sales and use tax if selling taxable goods, and payroll taxes if hiring employees. The exact mix of taxes depends on the chosen entity, whether the business sells taxable goods or services, and whether it has employees or contractors. Federal tax rules determine how income is reported, while Tennessee imposes business taxes and collections that require registration and regular filings.Careful planning during formation helps identify registration requirements and expected tax obligations, and proper recordkeeping ensures timely filings. Consulting with a tax professional or attorney clarifies state and federal obligations so the business can set up payroll systems, sales tax collection, and estimated tax payment procedures to remain compliant from the outset.
Can I change my business entity type later if needed?
Yes, it is possible to change your business entity type later, though the process and implications depend on the current and desired structures. Conversions, mergers, or reorganizations may require filing additional documents, handling tax elections, transferring assets, and updating contracts or permits. The change can affect tax treatment, liability protections, and governance requirements, so careful planning is important to manage legal and tax consequences.Before converting entity types, consider the timing, potential tax consequences, and whether third parties such as lenders or landlords must consent. Legal counsel can guide the process to ensure filings are completed correctly, agreements are updated, and operations remain uninterrupted during the transition under Tennessee law.
What information is required to file articles of organization or incorporation?
Filing articles of organization or incorporation generally requires the proposed business name, principal office address, registered agent information, the purpose of the business, and management structure or share information for corporations. Contact and identification details for organizers or incorporators are also commonly included. Accuracy is important because mistakes or omissions can delay acceptance and create the need for corrective filings that add time and cost.Gathering this information in advance and verifying name availability expedites the filing. Additional documentation like initial resolutions, bylaws, or operating agreements should be prepared to document internal governance after the filing is accepted. Proper preparation ensures smoother interactions with banks, licensing authorities, and potential investors.
How do I choose a registered agent and what do they do?
A registered agent is someone designated to receive official notices and legal documents on behalf of the business at a physical address in Tennessee. The agent must be available during regular business hours to accept service and mail, and the agent’s address will be public record. Choosing a reliable agent ensures important notices are received promptly and reduces the risk of missed deadlines or default judgments that could harm the business.You may designate an individual associated with the business or use a professional registered agent service. Consider accessibility, reliability, and continuity when selecting an agent, since changes in agent information typically require a formal filing with the state to update the public record and maintain compliance.
Will formation protect my personal assets from business liabilities?
Proper formation and adherence to corporate formalities generally provide a measure of separation between owners’ personal assets and business liabilities, which helps mitigate personal exposure to business claims. This separation is supported by maintaining separate finances, accurate records, and following governance practices that demonstrate the business operates as an independent entity. These actions strengthen the legal protections the entity provides under Tennessee law.However, protections are not absolute and can be affected if owners commingle personal and business assets, fail to maintain records, or engage in misconduct. Adopting sound recordkeeping, proper contracts, and governance documents helps preserve the protections that formation affords and reduces the risk that personal assets could be reached in litigation.
Do I need to register for state sales tax in Tennessee?
If your business sells taxable goods or services in Tennessee, you will likely need to register for state sales tax collection and file regular returns. Determining whether sales tax applies depends on the nature of the product or service and the locations of sales. Registering early and understanding collection responsibilities helps avoid penalties and ensures pricing reflects tax obligations to customers.Even if sales tax does not apply, other state registrations such as employer withholding or franchise and excise taxes may be required depending on your operations. Checking registration requirements for your specific activities and maintaining timely filings keeps the business in compliance with Tennessee regulations.
How much does it cost to form a business in Tennessee and what fees apply?
Costs to form a business in Tennessee include state filing fees for articles of organization or incorporation and any fees for name reservation or registered agent services. Fees vary by filing type and whether expedited processing is requested. Additional costs may include drafting operating agreements or bylaws, obtaining a federal EIN, and local license or permit fees. Budgeting for these items helps avoid surprises during formation.Professional assistance adds to initial costs but can reduce errors and speed the process. Ongoing expenses such as annual filing fees, franchise or business taxes, and registered agent fees should also be planned for so the new business maintains good standing and meets Tennessee obligations without interruption.