Guide to Dissolve an LLC in Tennessee
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Voting and Filing of Articles
To dissolve an LLC in Tennessee, 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. Then, the LLC must file articles of dissolution with the Tennessee Secretary of State. The articles of dissolution should include the company name and the date dissolution was approved. -
Financial Affairs and Legal Existence
After submitting the articles, the LLC must liquidate assets and pay off creditors. The LLC will continue legally existing until the Tennessee Secretary of State dissolves it. -
Costs and Considerations
In Tennessee, the dissolution filing costs $20. You can pay by credit card when you file. Factor in legal and tax advice costs. You may hire an LLC service to cut the risk of delays.
Additional Information on Dissolving an LLC in Tennessee
Although Tennessee does not require tax clearance before dissolving an LLC, it is important to resolve outstanding tax obligations before filing the dissolution certificate.
Difference Between Dissolution and Termination of LLC
To dissolve an LLC in Tennessee, 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. Then, the LLC must file articles of dissolution with the Tennessee Secretary of State. The articles of dissolution should include the company name and the date dissolution was approved.