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Does Tennessee recognize series LLC?
The series LLC is only available in certain states, including Tennessee. A series LLC is a collection of LLCs that are grouped under one parent LLC. This enables businesses to separate different parts of the company into separate LLCs, allowing them to isolate the liabilities of each segment from the others.
Does a series LLC file one tax return?
For tax purposes, the Internal Revenue Service treats the series LLC very similarly to a traditional LLC. For now, the IRS regards the series LLC as one big entity. This means, each series within the structure is not considered separate companies and therefore does not require separate returns.
Does each Series LLC need its own bank account?
Each LLC in the series must have its own bank account and, since each is producing separate financial statements, each must have separate accounting.
What kind of company is a series LLC?
A series LLC is a form of limited liability company with a unique structure. The series LLC consists of a master LLC and individual series LLCs that branch off from it.
What does a Tennessee series LLC look like?
We have created a step by step guide to help business owners with the formation of their Tennessee series LLC. A series LLC is a form of LLC that allows its members to divide the assets and operations of a “parent” LLC into a set of “child” series.
What are the Tennessee limited liability company rules?
In Tennessee, the name of each child series must contain the name of the parent LLC and be distinguishable from the name of any other child series. Remember you must also follow the traditional LLC naming rules. Your name must include the phrase “limited liability company,” or one of its abbreviations (LLC or L.L.C.).
What do I need to form a series LLC?
To be distinguished from a regular LLC, most states require that the articles of formation specifically state that the LLC is authorized to form series. Next, you will need an operating agreement for the master LLC and one for each series you plan to form.