The Limited Liability Company, or LLC, is a legal business structure that seeks to combine advantages 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 benefit of limited liability, the same as a corporation. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Different 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 just by filing the appropriate form with the Secretary of State. However, there can be an additional fee required for forming your LLC, determined by Tennessee laws that govern the formation and actions of LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.

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

Businesses in Erwin may change their forms in particular circumstances. Whether a business may convert to a LLC or not is determined by Tennessee law.

How Can an Attorney Help?

A lawyer versed in Tennessee business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.