Tennessee Code 48-61-114 – Effect of entity conversion
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Terms Used In Tennessee Code 48-61-114
- Appraisal: A determination of property value.
- Articles of conversion: means the form of articles provided for in chapter 204 of this title creating a new LLC and evidencing the conversion of an existing partnership or corporation to the new LLC which shall have all of the assets and liabilities of the former partnership. See Tennessee Code 48-202-101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Charter: includes amended and restated charters and articles of merger. See Tennessee Code 48-11-201
- 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.
- Dissolution: means that the LLC has incurred an event under §. See Tennessee Code 48-202-101
- domestic nonprofit corporation: means a corporation incorporated under the laws of this state and subject to the Tennessee Nonprofit Corporation Act, compiled in chapters 51-68 of this title. See Tennessee Code 48-11-201
- Entity: includes the following, whether foreign or domestic: LLCs. See Tennessee Code 48-202-101
- Filing entity: means an unincorporated entity that is of a type that is created by filing a public organic document. See Tennessee Code 48-61-101
- Interest: means either or both of the following rights under the organic law of an unincorporated entity:
(A) The right to receive distributions from the entity either in the ordinary course or upon liquidation. See Tennessee Code 48-61-101 - Interest holder: means a person who holds of record an interest. See Tennessee Code 48-61-101
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Nonfiling entity: means an unincorporated entity that is of a type that is not created by filing a public organic document. See Tennessee Code 48-11-201
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Organic law: means the statute governing the internal affairs of a domestic or foreign business or nonprofit corporation or unincorporated entity. See Tennessee Code 48-11-201
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Tennessee Code 48-202-101
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Secretary of state: means the person who holds the office of secretary of state of Tennessee. See Tennessee Code 48-202-101
- Service of process: The service of writs or summonses to the appropriate party.
- 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
- Survivor: means the corporation or unincorporated entity that is in existence immediately after consummation of a merger or entity conversion pursuant to this chapter. See Tennessee Code 48-61-101
- Unincorporated entity: means an organization or artificial legal person that either has a separate legal existence or has the power to acquire an estate in real property in its own name and that is not any of the following: a domestic or foreign business or nonprofit corporation, an estate, a trust, a state, the United States, or a foreign government. See Tennessee Code 48-11-201