The Volunteer State is a vibrant place to start and run your company. The Tax Foundation’s 2023 State Business Tax Climate Index awarded Tennessee a favorable ranking of the 14th best place for its tax treatment of businesses. Springfield, nestled within Robertson County, is rich with economic opportunities and supports for companies of all sizes, making it the perfect locale to operate a limited liability partnership (LLP).
Our Springfield limited liability partnership lawyers welcome the opportunity to help new and seasoned business owners start and run their ventures.
Businesses are the bedrock of a healthy economy, and Batson Nolan has proudly served Tennessee companies for over 160 years.
What Are the Differences Between a Limited Liability Partnership and a Limited Liability Company?
People may use the terms “limited liability partnership” and “limited liability company” interchangeably, but they are entirely different business structures. An LLP is a type of partnership with better personal liability protection than general partnerships. On the other hand, LLCs are a hybrid between a partnership and a corporation.
Our Springfield limited liability partnership attorneys can help you understand the differences between these entities. We will speak with you to learn about your circumstances, then advise you on which business form would afford you the best protection and flexibility.
Our Springfield Business Formation Lawyers Can Help You Start Your LLP
Starting a business is exciting, but it is also time-consuming. You have many steps to complete in a particular order, and keeping track of what you must do and when can be burdensome. Fortunately, our Springfield limited liability partnership attorneys have seen it all. Throughout our decades of practice, we have accumulated a wealth of experience and knowledge about starting and running a business. We can help demystify the process and assist you with completing and filing the legal paperwork to make your business dream a reality.
How Do I Start an LLP in Springfield, TN?
The legal steps involved in starting an LLP in Springfield, TN, include things like:
- Picking out a business name that meets Tennessee’s naming rules,
- Choosing a registered agent and office,
- Drafting and filing the Application for Registration for a Limited Liability Partnership with the Tennessee Secretary of State (SOS),
- Applying for an Employer Identification Number (EIN) with the Internal Revenue Service (IRS),
- Obtaining the appropriate business license from the Springfield and Robertson County governments,
- Writing a Partnership Agreement, and
- Drafting relevant internal governance documents.
In addition to the above, entrepreneurs are responsible for establishing other aspects of the business, like a physical office location, vendor relationships, and more. Our Springfield LLP lawyers can help you complete the necessary legal steps without jeopardizing the business or hindering its progress in other areas.
What Are the Pros and Cons of Forming an LLP in Springfield, TN?
The LLP form of doing business has several advantages, including enhanced liability protection compared to the other partnership forms. However, LLPs also require more administrative work and can be more costly than other partnerships because you have to file initial and annual paperwork with the SOS and keep up with other legal registrations.
Our Springfield LLP attorneys can help you identify the benefits and disadvantages of forming an LLP, given your unique situation. We can also help you keep up with your annual filings and maintain the business’s legal status with the SOS.
Do I Need an Attorney to Start a Business in Springfield, Tennessee?
You can start a business in Springfield, TN, by conducting legal research and filing the paperwork on your own. That said, you may be disadvantaged
because of the legal nuances involved in business formation law. Many businesses encounter internal issues that may have been avoided if they had consulted an attorney during the startup process.
While you may save money by proceeding without an attorney in the near term, you may open yourself and your business up to costly litigation later. Do it right the first time by hiring Springfield business formation attorneys you can trust.
Can I Convert My Existing Business into an LLP?
You may be able to convert your existing business into an LLP. That said, there are multiple methods for converting an existing business into an LLP, with different legal implications for each.
For example, you can perform a straightforward statutory conversion by filing the applicable Articles of Conversion with the Tennessee SOS. However, if you want to convert as part of a merger or acquisition, that is an entirely different process.
Our Springfield limited liability partnership lawyers have helped many businesses convert into various structures. We can guide you through the process and analyze the benefits and drawbacks of changing the form based on your unique circumstances.
Protect Your Business with Our Springfield Limited Liability Partnership Attorneys
Once you have established your business, the real work begins. Protect your investment by hiring an attorney to perform the following valuable legal services and more:
- Negotiating and proposing modifications to contracts;
- Representing the business in commercial real estate transactions;
- Providing ongoing HR advice;
- Counseling the business regarding employment disputes;
- Drafting and reviewing employment agreements, non-competes, and other documents; and
- Assisting you in winding up or winding down the business.
You can save money and time by hiring trusted legal counsel to provide services to the business on an ongoing basis. If you wait until the brink of litigation, you may cost the company more money than it would have spent if you had an attorney from the beginning.
Batson Nolan: Attorneys You Can Count On
Being a business ourselves, we can appreciate the trials and tribulations you experience to keep the lights on. We are here to help you start, grow, and manage your business effectively and efficiently. Since 1860, we have provided outstanding legal counsel to Tennessee firms and communities. For example, Christina Bartee is a distinguished member of our firm who also serves as Chair of the Women in Business Committee with the Robertson County Chamber of Commerce.
If you have questions about starting or running an LLP in Springfield, TN, contact us today by calling our office or filling out an online form to schedule a no-obligation consultation.
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