An llc in tennessee is an effective, flexible company structure that limits your personal liability to personal losses or business-related legal suits. By registering an LLC, you can be your own registered agent for your LLC. Forming an LLC as your own is much cheaper, but only if you do it correctly. If you decide to go with an attorney for the formation of your LLC, be sure to ask about their fees before settling on any particular lawyer. (This may also apply to the filing of an original or amendment of your articles of organization.)
Once you have decided on the desired name of your llc in tennessee and have registered it, you must next register your LLC's trademark. You may choose to use your name or a registered trademark for the LLC's name. The use of a registered trademark as opposed to a name, however, gives rise to a number of risks.
First, if your LLC in Tennessee fails to file its operating agreement, it will be difficult for people and companies to know what your LLC is and what it does. Operating agreements are required to set up the general procedures and duties of the LLC, such as who holds the shares of the stock. Without an operating agreement, a dispute over who holds the shares of stock can easily result in court cases and damages for both sides. If you don't want to be involved in such issues, make sure your LLC has a complete operating agreement before you open your doors.
Operating an LLC in Tennessee - Annual Report
Another concern about an LLC in Tennessee is that it can open the door to costly litigation and unnecessary expenses. A typical limited liability company (or LLC) has very few legal responsibilities other than those it voluntarily chooses to fulfill. By contrast, a conventional business structure requires the LLC to discharge its responsibilities when it becomes profitable or when it faces bankruptcy.
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Because an LLC in Tennessee is not required to file a notice of association with the state or submit annual reports regarding its tax status, many people don't know that such documents are required for registration. However, even though an LLC in Tennessee is not required to file a notice of association, it must submit copies of articles of organization and duly certified copies of its Operating Agreement and Operating Manual to the state for filing purposes. As stated above, a complete Operating Agreement and Operating Manual are required if your LLC is going to operate legally in Tennessee.
Also, it's important for an LLC in Tennessee to know when it files its last IRS form, the 'revocation of certificate of authority.' This paperwork must be filed with the IRS on the effective date of the revocation. Filing late would cause problems later on down the road. To avoid this problem, it's a good idea for an LLC in Tennessee to have a registered agent who can act as a go between for the LLC and for the individual or corporation filing the paperwork.
Lastly, when paperwork is due in July of each year, an LLC in Tennessee must send a 'payment of funds' statement. A payment of funds statement lists the LLC's outstanding dues, equaling the total of the LLC's assets. This includes any loan or dividend payments received by the LLC, plus interest and penalties for late payments. It should also include bank account numbers, which will be needed to access the funds. The statement must also include all tax payments made to the state during the year, as well as dividends paid to members of the LLC.
Like most businesses, a sole proprietorship in Tennessee requires that its owners create a registered agent. The individual must register with the office of the Secretary of State. Then, in order to do business, the LLC needs to file a form called an annual report. All of the aforementioned documents, along with the statement, are required to be filed with the Secretary before the LLC can operate legally in the state.
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