Erase In Legal Tennessee Partnerships Forms For Free

Although there's no requirement for a written partnership agreement, often it's a very good idea to have such a document to prevent internal squabbling (about profits, direction of the company, etc.) and give the partnership solid direction.

Any corporation, limited partnership, limited liability company or business trust chartered/organized in Tennessee or doing business in this state must register with the secretary of state and file annual reports.

A partnership agreement is a legal document that dictates how a small for-profit business will operate under two or more people. The agreement lays out the responsibilities of each partner in the business, how much of the business each partner owns, and how much profit and loss each partner is responsible for.

Partnerships in Tennessee require two or more persons or entities to register with the Tennessee Secretary of State to form a general partnership. The partnership must also have a registered agent in the state and file a registration statement with the Secretary of State.

You don't have to register your General Partnership with the Tennessee Secretary of State. It simply exists once you and your partners decide to go into business together and complete the steps above. You can file a Statement of Partnership Authority (Form SS-4514) with the Tennessee Secretary of State if you want.

If a buyout does not work, the company can formally remove the partner. The company's bylaws or operating agreement should outline the procedure that the company must follow to remove the partner. These documents commonly call for a vote or consent from the remaining partners, but every business is different.