Tennessee Code > Title 48 > LIMITED LIABILITY COMPANIES > Chapter 211 – Classification for Tax Purposes
Current as of: 2023 | Check for updates
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Other versions
| § 48-211-101 | LLC classification |
Terms Used In Tennessee Code > Title 48 > LIMITED LIABILITY COMPANIES > Chapter 211 - Classification for Tax Purposes
- 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.
- LLC: means a limited liability company, organized under chapters 201-248 of this title. See Tennessee Code 48-202-101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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