If you formed a business in Tennessee, other than a general partnership or a sole proprietorship, then you probably received a letter in the mail reminding you to file your annual report with the Tennessee Secretary of State.
If you are a new business you may be wondering what to do with this letter. We are going to cover all the particulars so you can get this report filed on time and keep your company in good standing.
What is an Annual Report?
The annual report has some information needed from you like your address, registered agent, number of members if an LLC, and officers. And the State of Tennessee requires you to file an annual report for your LLC to be considered in "good standing."
Fee: Filing fee for LLC's is $50 per member with a minimum fee of $300 and maximum fee of $3,000. For Corporations the fee is $20.
How do I file one?
You can mail in the report or complete it online at the Secretary of State website. To complete the annual report, you'll need to provide some basic information, such as:
your Corporation/LLC's principal and mailing addresses
the name and address of your Corporation/LLC's registered agent
names and addresses of Corporation officers/LLC managers (if any), and
a few other basic details.
Filing deadlines: Tennessee's Annual Report is due by the first day of the fourth month following the close of the Corporation's/LLC's fiscal year. For calendar year end (12/31), your due date will be April 1st.
Penalties for late filings: Tennessee does not charge a fee for late filings. However, failure to file your annual report within 60 days of the due date may result in the state dissolving or revoking your Corporation/LLC.
The annual report is a simple but important form. You can file it online in less than 10 minutes. You can also print and mail it if you prefer. The filing fee can be paid by credit card, ACH, or check. Beware that due to COVID the secretary of states office is currently closed for in-office services. So if you plan to file in person you will not be able to do that during this time.