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. Many business forms have historically been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Tennessee that authorized its formation.
Can My Business Be Formed as an LLC?
Tennessee allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. Fees are generally charged for opening LLC's, however, and Tennessee law determines the costs for creating LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
Under particular conditions, a business in Johnson City may change its form. Eligibility for conversion to a LLC 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 benefits and costs for forming and maintaining a LLC.
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