Tennessee Code 48-228-202 – Financial statements for member-managed LLCs
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 48-228-202
- Business: includes every trade, occupation, profession, investment activity and other lawful purpose for gain or the preservation of assets whether or not carried on for profits. See Tennessee Code 48-202-101
- Financial rights: means a member's rights to:
(A) Share in profits and losses as provided in §. See Tennessee Code 48-202-101 - LLC: means a limited liability company, organized under chapters 201-248 of this title. See Tennessee Code 48-202-101
- Member: means a person reflected in the required records of an LLC as the owner of some governance rights of a membership interest of the LLC. See Tennessee Code 48-202-101
- Member-managed: means an LLC organized pursuant to this title that has elected pursuant to §. See Tennessee Code 48-202-101
A member or holder of financial rights of a member-managed LLC shall have access to true and full information regarding the status of the business and financial condition of the LLC.