If you have closed your business as an LLC or S Corporation, but did not file the Articles of Termination, you must do so by December 31, 2023, to avoid additional reporting with the Financial Crimes Enforcement Network in 2024.
To check if your business has been fully terminated, visit https://tnbear.tn.gov/Ecommerce/FilingSearch.aspx and search for your business. If it does not show Inactive-Terminated, you need to file the Articles of Termination before December 31, 2023.
You can do this by visiting https://tnbear.tn.gov/Ecommerce/CeaseBusinessInstr.aspx and ensure you file the correct Articles of Termination depending on your business structure.
Dissolution does not end the existence of a business entity. In Tennessee, ceasing the existence of a business entity is a two-step process:
(1) Dissolution and
Until termination documents have been filed, the business entity will still be required to file annual reports and pay taxes to the Department of Revenue and the owners could owe late fees or penalties.
There is a fee to file the Articles of Termination which varies from $20-$200 based on the entity.
For assistance please contact the State Business Services at (615) 741-2286 or TNSOS.CORPINFO@tn.gov.
If you need additional help, we are happy to be of assistance at Personalized Bookkeeping and Tax Services (615) 773-2736.