There are several forms of business entities to choose from in Tennessee. These include corporations, limited liability companies, limited partnerships, and general partnerships. Your formation choice will have tax repercussions. Furthermore, is shows you what personal liability you may have for your company’s dealings. However, forming an entity, is just the beginning of your business venture. It is important for those with a stake in the entity to understand the laws governing such entity. This therefore allows them to comply with such laws or risk losing the protection of the corporate form.