The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits from across several other traditional business forms. Like a sole proprietorship or partnership, an LLC is not taxed as its own entity. However, it still has the advantage of limited liability, the same as a corporation. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Tennessee, became more popular in the past several decades.

Can My Business Be Formed as an LLC?

The right business form is a decision left up to each business that openes in Tennessee. An LLC is started simply by filing the appropriate form with the Secretary of State. However, there may be an additional fee required for forming your LLC, determined by Tennessee laws that govern the formation and actions of LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.

Can I Change the Form of My Business to an LLC?

Changing business forms in Dunlap can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if Tennessee law permits it in your situation.

How Can an Attorney Help?

Attorneys practicing business law in Tennessee can advise you on whether it would be favorable for your business to form or convert to a LLC.