Tennessee has a Franchise Tax that applies to all Corporations, LPs, and LLCs doing business in the state. It is typically filed by an accountant, because it is part of what is essentially Tennessee’s state income tax filing for businesses: FAE170 - Franchise & Excise Tax Return.
The Tennessee Department of Revenue has a Franchise and Excise tax section on its website that outlines details about the tax and provides guidance and the forms themselves.
Tennessee Franchise Tax is due on the 15th day of the fourth month following the close of your books and records. That is April 15th if you operate on a calendar year.
The franchise tax is 0.25% of the greater net worth or real tangible property in Tennessee, regardless of whether the company is active or inactive. The minimum tax is $100.
Tennessee provides a schedule on its Franchise & Excise Tax Return form to help calculate the tax.
Discern customers can digitally file their secretary of state annual reports and Delaware franchise tax directly from the product, in minutes. Discern also notifies its customers when other franchise taxes are due, and provides guidance, links to the filings themselves, and a place to track the filings.
Learn more about what Discern can do here.
.png){kind=small}