What is Tennessee LLC Dissolution? |
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A Tennessee LLC is created when the TN Secretary of State approves the Articles of Organization.
A record of the Tennessee LLC is added to the list of LLCs which have officially registered with
the Tennessee Secretary of State.
Once a LLC is registered with the Tennessee Secretary of State, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
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A Tennessee LLC is created when the TN Secretary of State approves the Articles of Organization.
A record of the Tennessee LLC is added to the list of LLCs which have officially registered with
the Tennessee Secretary of State.
Once a LLC is registered with the Tennessee Secretary of State, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
If you've registered a Tennessee LLC with the Tennessee Secretary of State and want to cease business activities
you have to let the TN Secretary of State know that you intend to close your company.
Only after the TN Secretary of State has made sure that all of the obligations of the Tennessee LLC have been fulfilled will
the Secretary of State approve of the closure of the company.
When the Tennessee Secretary of State approves the closing of a TN LLC, that Tennessee LLC is said to be
Dissolved.
The process of Dissolving a Tennessee LLC is called Tennessee LLC Dissolution.
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Why do I need to Dissolve a Tennessee LLC? |
As soon as a Tennessee LLC is registered with the TN Secretary of State, that LLC is responsible for
recurring obligations of the Tennessee Secretary of State and the Tennessee Department of Revenue.
If the Tennessee LLC does not file reports or pay taxes then that TN Limited Liability Company could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your Tennessee LLC with the Tennessee Secretary of State that TN Limited Liability Company will be responsible for
all recurring fees and penalties.
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What do I have to do to Dissolve a Tennessee LLC? |
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Tennessee LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
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Tennessee LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
There are things you need to do before you can request approval of LLC Dissolution from the Tennessee Secretary of State;
and things that you have to do after the TN Secretary of State has approved Dissolution of the Tennessee LLC.
What you have to do both before and after the Tennessee LLC is Dissolved largely depends on if the Tennessee LLC has commenced business
and how many assets, debts and liabilities, if any, that the TN Limited Liabilty Company has.
If the Tennessee LLC has not commenced business then the TN Limited Liability Company Dissolution process is easier.
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What do I have to do before I Dissolve a Tennessee LLC? |
Things you need to do before you Dissolve a Tennessee LLC.
1. Hold a Members meeting and record a resolution to Dissolve the Tennessee LLC
2. File a Notice of Dissolution with the TN Secretary of State
3. File all required Annual Reports with the Tennessee Secretary of State
4. File all required tax returns with the Tennessee Department of Revenue
5. Clear up any business debt
6. Pay all taxes and administrative fees owed by the Tennessee LLC
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1. Hold a Members meeting and record a resolution to Dissolve the Tennessee LLC
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If the Tennessee LLC has any Members then a meeting should be held and a vote to Dissolve the Tennessee Limited Liability Company taken.
Minutes of the meeting should be recorded and retained in the business records.
If the Tennessee LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the Tennessee LLC.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the Tennessee Secretary of State.
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2. File a Notice of Dissolution with the TN Secretary of State
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The Statement of Intent to Dissolve must be filed with the Tennessee Secretary of State before
initiating the final stages of the Tennessee LLC Dissolution process.
- We can prepare your Notice of Dissolution and file it with the TN Secretary of State.
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3. File all required Annual Reports with the Tennessee Secretary of State
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The Tennessee Secretary of State will not approve the Dissolution of a TN LLC until all required
reports have been filed.
- We can file any required Annual Report with the TN Secretary of State.
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4. File all required tax returns with the Tennessee Department of Revenue
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The Tennessee Secretary of State will not approve the Dissolution of any TN LLC until that LLC has
fulfilled all its tax obligations with the Tennessee Department of Revenue.
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5. Clear up any business debts
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All creditors of a Tennessee LLC should be given notice of the pending LLC Dissolution.
Each creditor should be given a mailing address to which they may submit claims as well as a deadline by which claims may
be submitted.
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6. Pay all taxes and administrative fees owed by the Tennessee LLC
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The Tennessee Secretary of State will definitely not approve the Dissolution of a Tennessee LLC until all
outstanding taxes and applicable registration and administrative fees have been paid.
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What do I have to do after I Dissolve a Tennessee LLC? |
Things you have to do after you Incorporate in Tennessee.
1. Distribute all remaining assets of the Tennessee LLC
2. Close all business bank accounts of the Tennessee LLC
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the TN LLC's Federal Tax ID (EIN)
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1. Distribute all remaining assets of the Tennessee LLC
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If the Tennessee LLC has any remaining assets, these may be divided according to the Members' ownership interests
in the TN Limited Liability Company.
All distributions to LLC Members must be reported to the IRS.
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2. Close all business bank accounts of the Tennessee LLC
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If there are any business accounts that have been opened for the Tennessee LLC then those accounts must be closed.
If Company Business accounts are left open there may be liability and obligations of the Dissolved Tennessee LLC which could
lead to legal problems down the line.
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3. Cancel all local business licenses and permits of the TN LLC
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If the Tennessee LLC has obtained any state, regional, county or city business licenses or permits, each
of those must be cancelled to avoid any reporting or fiscal obligations of the Tennessee LLC.
This includes business registration licenses as well as reseller permits.
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4. File IRS Form 966
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Most Dissolved Tennessee LLCs must file IRS Form 966 with the US Internal Revenue Service.
If a Tennessee LLC is required to file IRS Form 966, the filing is required within 30 days after the final Dissolution
plan is approved.
Filing IRS Form 966 lets the Federal Government know that the Tennessee LLC has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
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5. Cancel the IRS account associated with the TN LLC's Federal Tax ID (EIN)
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A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Tennessee LLC.
Once the IRS links an EIN to a Tennessee LLC, that EIN stays with the Tennessee LLC even after the Company has been Dissolved by the
Tennessee Secretary of State.
When the IRS processes the final tax return for the Tennessee LLC, they automatically make the EIN inactive.
However, the account associated with the EIN is not automatically closed.
Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account, or with the IRS, in the future.
If you should decide to revivie the Tennessee LLC down the line then the IRS will reactivate the old EIN for your new Business.
Before a Tennessee LLC can close an EIN account, it must be in Good Standing with the IRS.
The Tennessee LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The Tennessee LLC cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe.
- We can prepare the formal documents which you can sign and submit to the IRS in order to close the account
associated with your EIN.
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How long does it take to Dissolve a Tennessee LLC? |
The time it takes to Dissolve a Tennessee LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Tennessee Secretary of State usually takes around 3-5 business days to process the Articles of Temination.
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The time it takes to Dissolve a Tennessee LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
The Tennessee Secretary of State requires a Tax Clearance Certificate from the TN Department of Revenue before it will aprove the
Dissolution of a Tennessee LLC.
The time it takes the TN Department of Revenue to process a request for a Tax Clearance Certificate depends on the tax status of the
Tennessee LLC.
In some cases it could take 5-6 weeks to get a Tax Clearance Certificate from the Tennessee Department of Revenue.
Once the initial actions are completed, the Tennessee Secretary of State usually takes around 3-5 business days to process the Articles of Temination.
Processing times for Tennessee LLC Dissolution filings vary depending on the work load of the
Secretary of State's staff.
We've found that normal processing of Tennessee Dissolution filings takes the state around 3-5 business days.
PLEASE NOTE: WE CANNOT GUARANTEE TENNESSEE SECRETARY OF STATE OR TENNESSEE DEPARTMENT OF REVENUE PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the Tennessee Secretary of State or Tennessee Department of Revenue.
In our experience 3-5 business days is the time it usually takes the Tennessee
Secretary of State to process a Tennessee Dissolution filing.
We get your Tennessee LLC Dissolution filing to the TN Secretary of State ASAP.
Once it is at the state we have no control over the Tennessee Dissolution approval process.
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How much does it cost to Dissolve a LLC in Tennessee? |
The total cost to Dissolve a Tennessee LLC varies depending on exactly what is required for each specific
TN Dissolution.
We charge $224.00 plus any state fees for our Tennessee LLC Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Members meeting which proposes Dissolution
- Prepare and file Articles of Temination with the Tennessee Secretary of State
- Prepare US IRS Form 966 for you to sign and file
- Prepare documents to cancel Federal EIN account
- Certified copy of Dissolution filing from TN Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these Tennessee LLC Dissolution services separately as explained on the right side of this web page.
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What do I have to do if I want to Dissolve a Foreign LLC that is tied to a TN Domestic LLC? |
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If there are Foreign LLCs in states other than Tennessee that are tied to the Domestic Tennessee LLC then
each of those Foreign LLCs must be Dissolved before the Tennessee LLC is legally Dissolved.
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Can I revoke Dissolution after it is approved by Tennessee? |
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A Tennessee Limited Liability Company may revoke Dissolution any time before the Tennessee LLC files Articles of Termination by filing Articles of Revocation of Termination with the Tennessee Secretary of State.
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How long before someone can use my LLC name in Tennessee after I Dissolve? |
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A Tennessee LLC company name becomes available for anyone to use when the Tennessee Limited Liability Company is Dissolved by the Tennessee Secretary of State.
There are no LLC company name protections in Tennessee once a Tennessee LLC has been Dissolved by the TN Secretary of State.
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Do I have to publish a Notice of Dissolution of the Tennessee LLC? |
There are no state of Tennessee requirements for the publication of a Notice of Dissolution of a Tennessee LLC.
While the Tennessee Secretary of State does not legally require the publication of a Notice of Dissolution of a Tennessee LLC, publication is
a good way to notify anyone who might have a claim against the Tennessee LLC.
Evidence of publication might prove useful down the line if someone makes a claim against the TN Limited Liability Company after
the Tennessee LLC has been dissolved.
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