Original text

Market Research

• The main branch of the Memphis Public Library offers amazing resources for startup businesses. The library’s Business and Entrepreneurship area online will help you find out things you need to know about your business idea and your upcoming competition. This link will take you to that area (a library card is required for some of the sections). If you want to learn more, check out the webinar from 4/5/22 in our list of recorded webinars.

Not Sure What Type of Legal Entity to Use?

• Here's a quick overview 

• Learn how to form a Tennessee LLC - Limited Liability Company: Download Guide to Starting an LLC in Tennessee

  • ​​An LLC is often a great option for most start-ups, including sole proprietors and partnerships

  • ​But also see other entity types in Tennessee [S, C, or Non-Profit] at Tennessee Secretary of State Registering a New Business

• Considering a 501(c)(3) Non-Profit? SEE MORE INFORMATION BELOW.

• We recommend obtaining an EIN for your business from the IRS Get one online at IRS

• Consider getting Business Insurance for more protection, even though you have a legal entity

• We also suggest you find the NAICS code for your type of business; the NAICS code is requested by IRS when you file taxes and is useful for market research and financial benchmarking

Wondering about Licenses, Regulations, and Trademarks?

• Not sure what kind of Tennessee licenses, taxes, and regulations are for your specific kind of business?

  • ​This TN.gov page will answer your questions.

• Wondering about protecting your trademark or intellectual property? Check out the Tennessee page for trademark application and watch the 5/12/21 webinar from our webinar list here.

Don't Forget about Taxes!

• Not sure about how to report Federal Income Tax for your business?

  •  Visit the IRS Small Business / Self-Employed Tax Center or the IRS Gig Economy Tax Center

    • Review specifics from IRS on Start-Up Considerations

    • Take the IRS Virtual How-To Business Tax Webinar Series

    • See a sample 1040 Schedule C that you need to report your sole-proprietor, LLC, or Gig business federal income tax

• Wondering about Tennessee Sales Taxes and other Taxes?

  • The State of Tennessee has a whole section devoted to it.

Looking for Funding, Legal Help, or Accounting Help?

• Looking for Funding in Tennessee? SCORE Memphis does webinars on the topic. You can go to this list of our previously recorded webinars and search for the topics.  

• Think you might need an Attorney / Legal Services? The Memphis Public Library, a great resource for small businesses in a variety of ways, offers several groups that will help you make an informed decision. 

• How about Accountant / Accounting Services? Dun & Bradstreet has a full list of those in the Memphis area with pertinent information.

• Also, see SCORE's Social Media Must Do's for Small Businesses for what to do next

  • ​Also more on Online Marketing for Small Business Owners

• If your business qualifies, consider getting:

  • Women-owned certification 

  • Minority-owned certification

  • SBA HubZone certification for certain government contracting set-asides

  • also, see Veterans preferences & resources

• And if you are looking for those certificates in the Mid-South, the websites for Memphis, Shelby County, the State of Tennessee, the State of Arkansas, and the State of Mississippi have information.

Considering a 501(c)(3) Non-Profit?

• See the SCORE Non-Profit Planning Guide and our NP resource library. You can also watch our recorded webinars from 8/11/21 and 8/25/21 from our webinar list.

• See candid.org learning resources, including their NP Self-Assessment Tool - Is Starting a Non-Profit Right for You? [may require free registration]

• In addition to State of Tennessee non-profit requirements, there are also IRS requirements to obtain Exemption status.

  • ​NOTE: an LLC entity type will not be able to qualify for IRS 501C3 Exemption status

  • ​Check if you qualify for streamlined IRS exemption including a reduced fee by using Form 1023-EZ

Have More Questions?

• Are you thinking of a Franchise?

  • See the FTC Federal Trade Commission Guidance   and the  SBA Guidance

• Learn about Copyrights at  https://www.copyright.gov/what-is-copyright/

• Are you an Inventor needing a Patent?

  • Learn about the application process in Tennessee

  • You might qualify for U.S. Patent Office fee reductions as a 'micro entity'

• Interested in competing for government contracts?

  • See SBA resources on competing for government contracts    

  • Also, see the Tennessee procurement site and more locally in Memphis and Shelby County.

Browse all resources