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.

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 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.