This form is a Limited Liability Company Agreement. The parties have agreed to form a limited liability company upon the terms listed in the agreement. However, the form also lists the actions or events which would result in the termination of membership in the limited liability company.
Tennessee Limited Liability Company LLC Operating Agreement
State:
Multi-State
Control #:
US-00580
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Limited Liability Company LLC Operating Agreement?
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FAQ
By default, a Tennessee LLC is taxed by the Internal Revenue Service (IRS) based on the number of Members the LLC has. Then the Tennessee Department of Revenue honors this and taxes your LLC the same way at the state level. An LLC with 1 owner (Single-Member LLC) is taxed like a Sole Proprietorship.
It costs $300 to form an LLC in Tennessee. This is a fee paid for the Articles of Organization. You'll file this form with the Tennessee Secretary of State. And once approved, your LLC will go into existence.
An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...
Choose a Name for Your LLC. Under Tennessee law, an LLC name must contain the words "Limited Liability Company" or the abbreviations "L.L.C." or "LLC." ... Appoint a Registered Agent. ... File Articles of Organization. ... Prepare an Operating Agreement. ... Comply With Tax and Regulatory Requirements. ... File Annual Reports.
While Tennessee does not require LLCs to have an operating agreement, it is highly recommended to create one. An operating agreement is an internal document that outlines the management structure, member roles, voting procedures, and other essential operating rules for your LLC.
Tennessee LLC Processing Times Normal LLC processing time:Expedited LLC:Tennessee LLC by mail:3-5 business days (plus mail time)Not availableTennessee LLC online:immediatelyNot available
In Tennessee, names may be reserved for up to 4 months by paying the fee and submitting the proper form to the state authority. Choose your registered agent. ... Prepare and file articles of organization. ... Receive a certificate from the state. ... Create an operating agreement. ... Get an Employer Identification Number. ... Next steps.