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As a newcomer to the corporate world, you should be informed accordingly regarding different business identities and their characteristics. A limited liability corporation, also known as LLC, is a business entity which can be classified midway between a corporation and a sole proprietorship. If you are planning to form an LLC in Tennessee, here are the things that you should take notes: • Selecting a name – The name that you will assign to your LLC should be distinguishable; meaning, it should not be confusingly similar to any other LLC or business identities currently in existence. It should include the words “Limited Liability Corporation” or the abbreviations, “LLC” or “L.L.C.” The designations can be written in their equivalent foreign language, as long as they are expressed in Roman Characters. The LLC name cannot be inclusive of the words “corporation,” “incorporated” or the abbreviations of these two words. • Articles of Organization ¬– Also known as “articles,” this refers to the application that contains the required information from the applicant and his/her business. The following details should be included in the articles: o the name of the LLC (it should satisfy the conditions set in naming an LCC); o the street address and zip code of the business, and the county where it belongs; o the name of the registered agent; o the mode of management of the LLC (member-managed, manager-managed or director-managed); o a statement as to the number of members (for more than 6 members); o the date of the start of the existence of the LLC in question; o the date of the end of the existence of the LLC in question; o the address and zip code of the head office; and o the statement that the LLC in question is prohibited engaging business in Tennessee (for those who engage in business in the state). • Registered agent – This can be an individual or a recognized entity that will agree to accept legal files on the LLC’s behalf in case that it is being sued. The agent should be a resident of Tennessee and have a physical business address within the state. • Tax and regulatory requirements – This differs according to the mode of ownership of the LCC. If it is owned by more than one person, then IRS Employee Identification Number is required. A single-owned LCC calls for an IRS EIN only if the owner wants to be taxed like a corporation. If you are looking for information on forming LLC in Tennessee, click on the link. Or you can visit http://www.ezonlinefiling.com/.
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