As used in this part, unless the context otherwise requires:

(1) “Limited liability company” or “LLC” means a limited liability company, foreign or domestic, organized under or subject to the Tennessee Limited Liability Company Act, compiled in chapters 201-248 of this title;

Terms Used In Tennessee Code 48-101-702

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Entity: includes the following, whether foreign or domestic: LLCs. 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
(2) “Nonprofit corporation,” for the purposes of this part, means a nonprofit corporation, foreign or domestic, incorporated under or subject to chapters 51-68 of this title and exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004;
(3) “Nonprofit limited liability company” or “nonprofit LLC” means a limited liability company:

(A) That is disregarded as an entity for federal income tax purposes; and
(B) Whose sole member is a nonprofit corporation, foreign or domestic, incorporated under or subject to chapters 51-68 of this title and who is exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004;
(4) “Parent nonprofit corporation” means a nonprofit corporation that is the sole member of a nonprofit corporation; and
(5) “Subsidiary nonprofit corporation” means a nonprofit corporation whose sole member is a nonprofit corporation.
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