Tennessee offers a valuable tax exemption for qualifying family-owned non-corporate entities (FONCE), allowing them to be exempt from the state's franchise and excise taxes. This exemption is particularly beneficial for families engaged in passive investments or farming.

Achieving business wellness in 2023 can go a long way toward improving your overall physical health. Financial health and personal health are strongly connected. The healthier you are in one of these areas, the more likely you are to be healthier in the other. And, like physical wellness, financial wellness requires investment for the long term.

LLC is an acronym for a business entity otherwise known as a Limited Liability Company, and the acronym PLLC is short for Professional Limited Liability Company. Both of these entity types are creatures of state law, originally created by the legislature of the state of Wyoming and now available in all 50 states. The people who are owners of these types of entities are called “Members”.

Anyone conducting or transacting business in the State of Tennessee, who has their business registered in another state (for example, someone who has a Wyoming LLC but who runs their business out of a Tennessee location), must register with the State of Tennessee for a Certificate of Authority. That does not mean they have to have a Tennessee LLC, but they will have to pay fees and taxes that could make conducting business in Tennessee more expensive than they realize.