Are you a small business owner with less than 20 full time employees? Then this might apply to you! Make sure you check into this before the first of the year, 2024 so that you’re ready to comply.

There is a lot riding on your small business. You have invested your money, time, and sweat equity to build a company that will be successful for years to come.

Even if you make all the right business moves, unexpected costs can arise at any time. Accidents, natural disasters, data breaches, and other unexpected occurrences are an ever-present risk to business owners. Small business insurance provides additional protection for your enterprise and could be the difference between a bump in the road and a door-closing catastrophe.

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”.

If you are a corporation, limited partnership (LP), limited liability company (LLC), or business trust. . .chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes. This sometimes comes as a surprise to people who incorporate or create their entities in another state (like Delaware, Nevada, or Wyoming) but then do business or own property inside that entity in the State of Tennessee.

Anyone who owns an LLC in Tennessee is liable for Franchise and Excise taxes unless they qualify for one of seventeen exemptions (the article referenced above lists all of them.) This article is going to focus on exemption #11: the Family Owned Non-Corporate Entity (FONCE) exemption.