Are you wondering how to dissolve an llc in tennessee? There is more than one way. You need to consult a lawyer who specializes in this type of law. But, if you don't have the time to do so, there are other ways available.
The very first step towards the dissolvement of an LLC in Tennessee is to carefully read the operating agreement and the documents of the LLC. It is obvious that the most important document to be reviewed is the Operating Agreement. It is extremely important for an owner to understand every word in this document. Once this is done, there are then two basic options to consider in terms of dissolving the LLC: Option A or Option B.
The most common and preferred method of dissolving an LLC in Tennessee is by filing articles of dissolution with the Secretary of State. The procedure is exactly the same as if you were filing a new tax return. First, make sure that all the registered members of the LLC have signed the articles of dissolution. Then file articles of dissolution with the clerk of the court within two weeks of the filing of the Articles of Dissolution.
How to Dissolve an LLC in Tennessee
Option A involves filing articles with the Secretary of State. This requires a minimal filing fee. However, you must ensure that the statutory period has expired before filing. If it has not, you will be required to pay a filing fee for an additional processing period. Option B involves paying a non-refundable filing fee. However, the statutory period is still lapsed after the filing fee is received.
In order to file articles of dissolution, an LLC must have a duly filed federal tax return. All returns after July 1 must be filed on a yearly basis. There is an exception to this rule. If you are filing an individual state tax return and you choose to incorporate your LLC, you need to file articles of dissolution with the Secretary of State. Your choice of venue will determine whether you need to file electronically or mail in the document.
One of the main considerations when considering how to dissolve an llc in tennessee is whether there are any members or beneficiaries. If there are any, then the process of incorporating the LLC would be unnecessary. The basic requirement is for there to be a resident of the state who can sign for the operations of the business entity. This registered agent can be another individual, a company or a corporation. It is important to remember that if more than one registered agent is necessary, each must sign for the LLC.
If there are no beneficiaries or members, a simple application for the name change can be sufficient. There is no cost or fees associated with this type of filing. An LLC can also dissolve itself in an informal arrangement without the assistance of a law firm. A member or members can petition the court to dissolve the LLC by showing that it has become unmanageable and cannot continue to operate under its present name. To show that the LLC cannot continue to operate under the present name, the legal name of the LLC must be altered.
Operating agreements can be used to offer protection to investors. Operating agreements can also dissolve an LLC in Tennessee in cases where control of the LLC has been transferred to someone other than the members or owners. The new LLC owner will be considered the sole proprietor of the business. To dissolve an LLC in Tennessee, the members or owners must file a Statement of Dissolution with the Tennessee Corporation Commission. A certified public accountant must sign the document.
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