The price to create an LLC in Tennessee is $300. When you submit your articles of organization, you must pay this charge to the Secretary of State’s office. A legal document known as the Articles of Organization establishes your LLC and contains crucial details including the LLC’s name, address, registered agent, and members’ names.
Additionally, LLCs in Tennessee are required to pay a $50 yearly report fee. This charge is required annually by the first day of the fourth month after the conclusion of the fiscal year for your LLC. This report keeps the state informed of any alterations to the members, address, or other information pertaining to your LLC.
There is an extra charge of $50 for expedited service if you wish to have your LLC formed more quickly. Instead of the normal seven business days, this service will guarantee that your LLC is processed within two business days.
How Can I Dissolve a Member from a Tennessee LLC?
In Tennessee, an LLC must remove a member in accordance with the procedures provided in its operating agreement. You must abide by the default guidelines specified in Tennessee’s LLC Act if your LLC lacks an operating agreement.
Typically, the remaining members must vote to expel a member. A majority or unanimous vote may be required to dismiss a member, depending on your operating agreement. A member’s ownership interest in the LLC is often purchased by the surviving members after they have been expelled.
You must submit a Name Reservation Request form to the Secretary of State’s office in Tennessee if you want to change the name of your company. In order to give you time to submit an Articles of Amendment and formally alter the name of your LLC, this form will hold your new name in reserve for up to 120 days.
Depending on the state and the kind of business you are doing, different licenses have different criteria. Some businesses in Tennessee must get a license or permit in order to operate, while others do not.
Businesses that sell alcohol, provide daycare services, or carry out some sorts of construction work, for instance, need to have a license or permit. However, companies that offer specialized services, such consulting or accountancy, frequently do not need a license.
The prerequisites for obtaining a business license in Tennessee vary depending on the kind of business you run, as was already noted. You should check with your neighborhood county or city authority to see if your business needs a license or permission.
In conclusion, the cost to incorporate an LLC in Tennessee is $300 plus a $50 annual report charge. For an extra $50, you can speed up the processing of your LLC. The procedures mentioned in your operating agreement must be followed in order to terminate a member of your LLC. File an Articles of Amendment and a Name Reservation Request form if you want to rename your LLC. Be careful to check with your local government to determine if you need a business license in Tennessee as it varies on the kind of business you run.