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Are you considering starting a limited liability partnership (LLP) in Tennessee in 2023? Forming an LLP can provide several benefits, including liability protection and flexibility. This guide aims to help you navigate through the steps involved in establishing an LLP in Tennessee, ensuring that you meet all the requirements and fulfil all the necessary obligations.
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Before we dive into the process, let's understand what a limited liability partnership is and why it might be the right choice for your business.
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What is a Limited Liability Partnership (LLP)?
A limited liability partnership is a business structure that combines features of a general partnership and a corporation. In an LLP, partners are shielded from personal liability for the LLP's debts or liabilities. Each partner in an LLP has some degree of limited liability, meaning they aren't personally responsible for the actions of other partners or the partnership itself. This form of business structure makes it an attractive option for professionals such as lawyers, accountants, and architects—where the actions of individual partners can have legal ramifications.
Step 1: Choose a Name for Your LLP
The first step in starting an LLP in Tennessee is to choose a unique name for your business. While you are allowed the flexibility to choose any name, there are certain guidelines to follow.
Make sure to include the words "Limited Liability Partnership" or the abbreviation "LLP" in your business name to distinguish it from other entity types. Conduct a thorough search with the Secretary of State's business name database to ensure your chosen name is available.
Step 2: Designate a Registered Agent
A registered agent is responsible for receiving legal papers, such as notices or subpoenas, on behalf of your LLP. The registered agent must have a physical street address in Tennessee and be available during normal business hours. You have the option to appoint either an individual or a professional registered agent service for this role. Upon appointment, you must file a Statement of Change, Form 402, with the Secretary of State.
Step 3: Prepare and File the Certificate of Registration
To formally create your Tennessee LLP, you will need to file a Certificate of Registration with the Office of the Secretary of State. This document includes vital information about your business, including the name of the LLP, the duration, and the partners' names and addresses.
You can file the Certificate of Registration either online or by mail. To file online, visit the Secretary of State's Online Registration System and complete the necessary information. If filing by mail, download and complete Form SS-4417 from the Secretary of State's website. Include a filing fee of $50 with your submission. Upon processing, the Certificate of Registration will be evidence of your LLP's existence.
Step 4: Register with the Tennessee Department of Revenue
All LLPs must register with the Tennessee Department of Revenue to obtain their taxpayer identification number. This unique number is required for all business-related tax filings and other associated matters. You can register online through the Tennessee Taxpayer Access Point (TNTAP) or by submitting the Business Tax Application (Form RV-F1300801) by mail.
Step 5: Obtain Necessary Permits and Licenses
Depending on the nature of your business, you may need to obtain additional permits or licenses at the local, state, or federal level. For example, specific professions might require professional licenses issued by authorized regulatory bodies. Research the specific requirements for your industry and comply with all necessary regulations.
Step 6: Prepare an LLP Agreement
Although not a legal requirement in Tennessee, preparing an LLP agreement is highly recommended. The LLP agreement outlines the rights, responsibilities, and obligations of the partners, as well as partnership governance and profit-sharing arrangements.
It is advisable to consult with a legal professional or utilize online resources that provide sample LLP agreements. This way, you can tailor an agreement that suits the unique needs of your partnership.
Step 7: Fulfil Ongoing Reporting and Renewal Obligations
After forming your LLP, you must fulfill certain ongoing obligations in Tennessee. These include renewing and updating your registration with the Secretary of State annually and ensuring compliance with all relevant tax filing and payment requirements from federal, state, and local authorities.
Stay informed about changes in legislation or regulations that may affect your LLP, and promptly address any necessary updates to your business structure or operations to maintain compliance.
Conclusion
Starting an LLP in Tennessee can seem like a complex process, but by following these steps and understanding your responsibilities, you can establish the foundation for a successful business venture. Remember to consult with legal professionals, utilize online resources, and stay organized throughout the entire process. With careful planning and a clear understanding of the requirements, you can confidently establish your limited liability partnership in Tennessee in 2023.
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