Dissolving an LLC in Tennessee
To dissolve an LLC in Tennessee, the LLC must be in good standing. The members must vote to dissolve the company. The vote must be approved by members owning more than two-thirds of the LLC’s membership interests or as otherwise outlined in the operating agreement. Then, the LLC must file articles of dissolution with the Tennessee Secretary of State. The articles of dissolution should include, among other things, the company name, business entity ID number, the date dissolution was approved, and a statement from the members that they approved the dissolution of the LLC. After submitting the articles, the LLC must wind up its affairs. This includes liquidating assets and paying off creditors. The LLC will continue legally existing until the Tennessee Secretary of State dissolves it by issuing a certificate of dissolution.
Cost of Dissolving an LLC in TN
In Tennessee, the dissolution filing costs $20. You can pay by credit card or make a direct account transfer when you file the dissolution forms. Factor in the costs of obtaining legal and tax advice. You may also decide to hire an LLC service to cut the risk of delays or disputes.
Dissolution Process Steps
Let’s walk you through a 4-step guide to help you dissolve your business in Tennessee efficiently and effectively: Step 1: Follow Your Tennessee Operating Agreement. You should have drafted an operating agreement when you initially formed an LLC. As technology improves and more systems become digital, the process of closing or dissolving your LLC in Tennessee has become easier than ever.