Business Entities Companies have a choice of various legal structures within the state such as sub-S or C corporations under federal law, proprietorships, limited liability companies, limited partnerships, non-profit corporations, and the like. Each entity may have certain legal and financial advantages, depending on the business, but foreign nationals may may not in all cases be eligible for these (e.g. foreign nationals may not establish Sub-S corporation unless they meet specific residency criteria).
Foreign companies frequently choose to conduct business as a foreign corporation by obtaining a certificate of authority from the TN Secretary of State. This certificate requires the company to complete an application, which includes the designation of a registered agent and Tennessee office address, and official proof of its registration from its state of incorporation. The current application fee for this certificate is US $600.
Each year corporations must file an annual report which restates information such as that originally listed in the certificate of authority or the corporate charter; director and officer names and addresses; and the federal employer identification number.