A series LLC, commonly referred to as a “Protected Series LLC,” is a kind of limited liability corporation (LLC) that enables you to establish distinct legal entities inside of a single LLC structure. This entails that you can manage numerous companies or properties under one roof, each of which has its own assets, obligations, and participants. Here is everything you need to know if you want to create a Series LLC in Tennessee.
Select a Name for Your LLC in Step 1 The first step in establishing a Series LLC in Tennessee is to give your LLC a name. The name must be original and unclaimed by another company operating in the state. The Tennessee Secretary of State’s company name database can be searched to discover if your selected name is available.
Step 2: Submit Articles of Organization You must submit Articles of Organization to the Tennessee Secretary of State after deciding on a name for your LLC. In this document, your LLC’s name, objectives, registered agent, and other essential details are established. The $300 filing fee is payable either online or by mail.
Make Your Series Operating Agreement in Step 3 Each series inside a series LLC must have its own operating agreement that specifies its ownership and management. The rights and obligations of each series and how they relate to the LLC as a whole should be laid forth in this agreement. It’s crucial to collaborate with an accomplished lawyer to create a Series Operating Agreement that is tailored to your unique requirements.
Register for State and Federal Taxes in Step 4 In Tennessee, registering for both state and federal taxes is necessary for all LLCs. You’ll need to register for state taxes with the Tennessee Department of Revenue and receive an Employer Identification Number (EIN) from the IRS. You might also need to apply for extra licenses and permits, depending on the nature of your firm. In Missouri, does your LLC need to be renewed annually? Yes, LLCs must submit an Annual Report to the Secretary of State each year in Missouri. The report, which provides the LLC’s name, address, and registered agent, is due on the final day of the month that marks its anniversary. $50 is the filing fee. How Long Does It Take in Missouri to Form an LLC? Depending on the filing type, Missouri LLC formation processing times change. The LLC can be created right away if you file online, and you’ll have confirmation within 24 hours. The processing period for mail-in filings might be up to 5-7 business days. For same-day processing, you can also submit your application in person at the Secretary of State’s office. How Much Does Missouri’s LLC Formation Process Cost? In Missouri, there is a $50 filing fee for articles of organization, which should be paid to the Secretary of State. You will also be responsible for paying the attorney’s costs if you decide to use one to help with the formation procedure. In addition, fees for filing taxes, getting licenses and permits, and other commercial charges could be incurred. Which Is Better, an LLC or a Sole Proprietorship? The decision between an LLC and a sole proprietorship is based on the demands and objectives of your particular firm. A sole proprietorship offers no personal liability protection, but it is a straightforward and affordable method to run a small firm. On the other side, an LLC offers its members limited liability protection and offers more management and taxation freedom. In the end, it’s advisable to seek advice from an experienced lawyer or accountant to decide which business form is ideal for you.
Yes, single member LLCs are legal in Missouri. In actuality, Missouri forms the most single-member LLCs than any other state.