With our all-inclusive template for the Tennessee LLC Operating Agreement, you can simplify establishing your limited liability company and safeguard your commercial interests.
Key Takeaways
- While the Tennessee state doesn’t legally mandate an LLC Operating Agreement, it’s often suggested for numerous Limited Liability Company’s.
- Use our free Tennessee LLC Operating Agreement template to comply with the state laws.
- To form an LLC in Tennessee, you’ll need to file Articles of Organization with the Tennessee Secretary of State, appoint a registered agent, and satisfy the necessary filing fee.
Tennessee LLC Operating Agreement Templates by Type
Single Member LLC
Basic Single Member LLC Operating Agreement
Used 4,920 times
Are you required to uphold your limited liability corporation status in accordance with state law? If the business is sued, the owner’s assets may be safeguarded by this agreement.
Use Basic Single Member LLC Operating AgreementFor sole ownership of an LLC in Tennessee, utilize this tailored template.
Multi Member LLC
Multi-Member LLC Operating Agreement Template
Used 4,872 times
Ensure that your newly formed LLC is run the right way by having a multi-member operating agreement in place.
Use Multi-Member LLC Operating Agreement TemplatePromote collaboration and governance among LLC co-owners in Tennessee with this comprehensive tool.
50/50 LLC
50/50 LLC Operating Agreement Template
Used 4,872 times
This free 50/50 LLC Operating Agreement template for businesses with equal ownership.
Use 50/50 LLC Operating Agreement TemplateEstablish a structured framework for equal ownership and management in a Tennessee LLC using this versatile template.
Member-managed LLC
Member-Managed LLC Operating Agreement Template
Used 4,919 times
A manager is chosen by the firm owners to oversee day-to-day operations in a manager-managed LLC. Use this Member-Managed LLC Operating Agreement Template right away.
Use Member-Managed LLC Operating Agreement TemplateSimplify the delegation of management responsibilities within a Tennessee LLC with this streamlined solution.
Legal Requirements
In the absence of an Operating Agreement, any disagreements are managed according to the standard operating regulations as stipulated in the Tennessee law (referenced as Tenn. Code Tit. §§ 48-201-101 through 48-250-115).
- Limited Liability Company regulations oversee the state’s establishment, functioning, and termination of Limited Liability Companies.
- The LLC’s name in the Tennessee operating agreement should incorporate “Limited Liability Company,” “LLC,” or similar abbreviations. Ensuring that the LLC doesn’t violate another enterprise’s trademark or service mark is crucial.
How to Form LLC in Tennessee
Forming a Limited Liability Company involves several steps. Follow this general guide on how to do it:
Choose a Business Name:
- The first step in forming an LLC in this state is to select a unique name for your corporation.
- This name should reflect your brand and the services or products you offer.
- You can check the availability of your chosen name on the Secretary of State’s Division of Business Services website.
File Tennessee Articles of Organization:
- After selecting a name, the Articles of Organization must be submitted to the Tennessee Secretary of State.
- This document serves as the official registration of your business and includes key details such as the name of your LLC, its purpose, and the name and address of its registered agent.
Use a Filing Service:
- While it’s possible to file the Articles of Organization independently, many business owners use a filing service. These services can simplify the process and ensure all paperwork is correctly completed and submitted.
Appoint a Registered Agent:
- A registered agent or business entity must be in Tennessee and available during regular business hours.
Draft an Operating Agreement:
- An operating agreement is a document that outlines the LLC’s ownership and operating procedures. While not legally required in Tennessee, it’s highly recommended as it can help prevent misunderstandings and disputes among members.
Obtain an Employer Identification Number (EIN):
- The IRS uses an EIN, a Federal Tax Identification Number, to identify your business for tax purposes. It’s necessary to file federal and state taxes and open a business bank account.
Open a Bank Account:
- Finally, you’ll need to open a separate bank account for your Limited Liability Company. This will help you separate your personal and business finances, which is crucial for maintaining your limited liability status.
Tennessee LLC Laws
- No State Income Tax: The state is one of the few states that doesn’t impose an income tax on individuals. It can be a significant advantage for Limited Liability Company owners, as it may result in lower overall tax liability.
- Annual Reporting Requirements: State law requires LLCs to file an annual report with the Secretary of State. This report provides updated information about the business, such as its principal office address and the names and addresses of its managers.
- Registered Agent Requirement: The registered agent is a person or business entity authorized to receive legal documents on behalf of the Limited Liability Company.
- Foreign LLC Registration: If you have a company formed in another state and want to do business in this state, you must register as a foreign LLC with the Tennessee Secretary of State.
- Real Estate Considerations: If your Limited Liability Company owns real estate in Tennessee, it’s important to understand the state’s property tax laws and how they may affect your business. You may also need to consider zoning laws and other real estate regulations.
- Employment Laws: If your Limited Liability Company has employees, you’ll need to comply with Tennessee’s employment laws. These laws cover various issues, including wage and hour laws, anti-discrimination laws, and workers’ compensation requirements.
