To secure and register your brand name should be unique, not too similar to another registered name in Tennessee, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the state and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
The name you choose also must contain the word/abbreviation “Corporation”, “Incorporated”, “Company”, “Corp.”, “Inc.” or “Co.” If needed, you may file an Application for Reservation of Corp. Name with the Sec. of State that’s valid for 120 days.
Filing Fee: $20
When founding your corporation, your Registered Agent is your intermediary or a representative of your brand who accepts and helps handle/process all official documents like state filings, tax forms, legal notices, and so forth.
Typically it comes down to either hiring a 3rd-party professional and paying up to $160/yr, or you can get a certified agent free of charge when you incorporate with IncFile or CorpNet. They take care of handling the paperwork in a timely manner for you along with a lot more depending on your specific startup package.
With your registered agent, once you and your board decide it’s time, file a Charter (For-Profit corporation) with the Sec. of State to become an officially recognized corporate entity. It essentially declares the basics of your brand to the state and for the public recording including:
Filing fee: $100
Think of this as the hard copy record book where all critical corporate documents are kept like the Articles of Incorporation, Bylaws, meeting minutes, stock certificate ledger, stock certificates, stock certificate stubs, stock transfer documents, etc. It’s the ultimate company binder! They’re very common and while not necessary having one is highly recommended for all serious business entities.
Appoint at least 1 initial Director who among other things will oversee the Tennessee corporation until the first shareholder meeting where new directors will be voted in. Prepare an “Incorporator Statement” with complete names and addresses of each director and keep it in your records book. Once elected, an initial meeting should:
It’s absolutely essential that your corporation’s financials are separate and housed in their own unique business bank accounts. No accounts of any other kind should be mixed in. And there should be strict control over them and access granted through your CFO,
The next part of this step is taking the time to make sure you’ve chosen the right local, state, or national bank or credit union based on a number of variables including location, overall business services, fee structures, incentives, and so forth. Don’t take this decision lightly. It’s far too important and will have an impact on your company.
As a corporation in Tennessee, there are also tax & licensing/permit requirements to handle before you can operate legally, how much depends on a number of variables. Ideally you’ve got an attorney or are working with an incorporation service, either way, consider the moves below:
Corporations do require more formal and serious business planning that focuses on core fundamentals like marketing, budgeting, financials and forecasting, management structure and company culture, etc.
The good news is that these days the old school 50-page tomes aren’t as needed anymore thanks to modern software that can transform data into curated, presentation-ready plans to please shareholders, investors, lending institutions, and so on. To learn more check out the free resources we’ve put together below.
QUICK LINKS TO BUSINESS PLANNING
No one’s saying you need to hire a digital marketing director and begin funneling resources into building a magnificent work of website-art to represent your brand. Thanks to advances in web-design and development, there are much trimmer and streamlined solutions that come with one-click apps, intuitive dashboards, already responsive and sharp customizable themes, etc.
Wix and SquareSpace are two big names these days, along with Shopify if you’re going 100% eCommerce. Each of these platforms are great to set up shop and give the world a way to investigate your brand.
Note that this article on how to form a Tennessee corporation isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form a Tennessee corporation or business in general, please consult with a lawyer or other accredited professional.