1. Any Lawful Purpose.  Every LLC organized under Chapters 201 248 of this title has the purpose of engaging in any lawful business unless a more limited purpose is set forth in its articles.
  2. Regulation by Another Statute.  An LLC engaging in a business that is subject to regulation under another statute of this state may organize under Chapters 201 248 of this title only if permitted by, and subject to all limitations of, the other statute.

Terms Used In Tennessee Code 48-203-101

  • 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
  • LLC: means a limited liability company, organized under Chapters 201 248 of this title. See Tennessee Code 48-202-101
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.