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. Fees are frequently charged for opening LLC's, however, and Tennessee law determines the costs for creating 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?
Under certain conditions, a business in Gatlinburg may change its form. Eligibility for conversion to a LLC is determined by Tennessee law.
How Can an Attorney Help?
The decision of whether to form or convert to a LLC is best considered with the advice of local lawyers practicing business law in Tennessee.