Series LLCs are not officially recognized in Tennessee. It implies that Tennessee-based companies are unable to create or register a series LLC. Regardless of whether it is a part of a bigger corporation, each LLC in Tennessee needs to be registered as a separate business. According to this requirement, each LLC needs its own Operating Agreement, Articles of Organization, and EIN (Employer Identification Number).
Series LLCs are not recognized in Tennessee, although the state does have other company formations that offer comparable advantages. Businesses in Tennessee, for instance, have the option of setting up a regular LLC or a corporation. Owners of businesses who choose either of these arrangements have limited liability protection, which shields their personal assets from business debts and obligations.
The benefit corporation form, a hybrid corporate structure that combines the finest features of a standard corporation with a non-profit organization, was also very recently launched in Tennessee. Benefit corporations are made to be sustainable and socially conscious while yet generating profits for their shareholders. Businesses that desire to operate with a social or environmental objective are increasingly using this structure.
Finally, series LLCs are not officially recognized in Tennessee. However, companies can still use more conventional LLCs, corporations, and benefit corporations to accomplish their objectives. Understanding the various types of business structures available and selecting the one that best matches their needs is crucial for business owners. Before deciding on the business structure, it is also a good idea to speak with an accountant or business attorney.