50 States of Incorporation: Tennessee

incorporate in tennesseeHome to the late, great Elvis Presley and The Great Smoky Mountains, this week we’re taking a look at what it means to incorporate in Tennessee.

If you’re planning to start a business in the agriculture, manufacturing, or tourism industries, Tennessee might just be the place for you! You have the Great Smoky Mountains to thank for that – being one of the nation’s most visited national parks makes Tennessee a great spot for all things tourism. Companies including Ruby Tuesday, Saturn Corporation, and Eastman Chemical Company all call the state home to their headquarters as well.

Forbes has the state ranked at 15 out of their best states for business list, noted for its excellence in having a pro-business regulatory climate. Thumbtack.com also has Tennessee ranked with a positive B+. The state scored high in ease of starting a business, hiring and regulations, health and safety, employment, tax code, licensing, environmental, zoning, and networking. With grades like that, Tennessee passes with flying colors!

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Mega Millions for All!

If you haven’t heard- the 42 state lotto, Mega Millions is over half a billion dollars. Since we’re finishing out tax season we thought it would be good to highlight one last tax post. We’ll discuss the taxes on your lotto winnings, as well as gross income generally.

If you are from New Hampshire, Tennessee, Texas, South Dakota, Washington, California, Pennsylvania or Delaware you will win the biggest in tonight’s drawing- winning between 3% and 9% more than if you were from any other state because you won’t have to pay state income taxes. However, all winners must count the winnings as income and are subject to the Federal income tax of 35% (or maybe more depending on your specific situation). Continue reading