(a)Definition. As used in this section, an “old” contribution is a contribution reflected in the required records of an LLC before the time the LLC accepts a new contribution.
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Terms Used In Tennessee Code 48-235-102

  • board of governors: means the board of governors of an LLC electing to be board-managed or, in the case of a foreign limited liability company, its equivalent. 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
(b)Restatement Required. Whenever an LLC accepts a new contribution, the board of governors of a board-governed LLC or the members shall restate the value of all old contributions if and as required by applicable federal tax law.
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