Terms Used In Tennessee Code > Title 48 > Limited Liability Companies > Chapter 249 > Part 2 - Formation, Articles of Organization and Operating Agreement

• Acquire: means to purchase, lease, construct, reconstruct, replace, or acquire by gift. See Tennessee Code 7-52-102
• Agriculture: means :
  (i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• any prior fiscal year: means any fiscal year beginning on or after July 1, 1984. See Tennessee Code 7-52-303
• Appraisal: A determination of property value.
• Appraisal ratio: means the ratio of appraised values of record to one hundred percent (100%) of current values that are to be derived in accordance with applicable state law for use in ad valorem property tax determinations each tax year. See Tennessee Code 7-52-303
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• articles of organization: means , in the case of an LLC, articles of organization or, to the extent applicable with respect to an LLC initially formed under and governed by the Tennessee Limited Liability Company Act, compiled in chapters 201-248 of this title, articles of conversion, taken together with all of the following, to the extent they modify, correct, restate or otherwise affect the articles of organization or articles of conversion: articles of amendment, articles of correction, certificates of merger and all documents required to be filed with any of the articles of amendment, articles of correction and certificates of merger, as part of the formation and continuation of an LLC. See Tennessee Code 48-249-102
• Assessment ratio in effect: means that assessment ratio being applied by the comptroller of the treasury in assessing electric system property of electric cooperatives and electric membership corporations for ad valorem taxation or, if such assessment function ceases to be performed by the comptroller of the treasury, that assessment ratio applied by any authorized department, agency, comptroller of the treasury, or official of the state empowered to so apply such an assessment ratio in assessing electric system property of electric cooperatives and electric membership corporations. See Tennessee Code 7-52-303
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Business: means every trade, occupation, profession, investment activity, and other lawful purpose for gain or the preservation of assets, whether or not carried on for profit. See Tennessee Code 48-249-102
• Chambers: A judge's office.
• Clean energy: means energy that is derived from a source known to produce significantly lower carbon emissions than traditional fossil fuels. See Tennessee Code 7-51-2401
• Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
• Code: means the Internal Revenue Code of 1986 (26 U. See Tennessee Code 48-249-102
• Commission: means the state procurement commission, which replaces the board of standards within former title 12, chapter 3, part 4. See Tennessee Code 4-56-101
• Commission: means the Tennessee state fair and exposition commission. See Tennessee Code 4-57-103
• Commissioner: means the commissioner of agriculture. See Tennessee Code 4-57-103
• Committee: means the state protest committee, which replaces the board of standards protest authority within former §. See Tennessee Code 4-56-101
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Council: means the advisory council on state procurement. See Tennessee Code 4-56-101
• County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
• Court: includes every court and judge having jurisdiction in the case. See Tennessee Code 48-202-101
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Defense attorney: Represent defendants in criminal matters.
• Department: means the department of agriculture. See Tennessee Code 4-57-103
• Director: means an individual who is vested with authority as a director under §. See Tennessee Code 48-249-102
• Directors: means natural persons, designated in the charter or bylaws or elected or appointed by the incorporators, and their successors and natural persons elected or appointed to act as members of the board, irrespective of the names or titles by which such persons are described. See Tennessee Code 48-51-201
• Dispose: means to sell, lease, or otherwise transfer any interest in property. See Tennessee Code 7-52-102
• Dissolution: means that the LLC has incurred an event under §. See Tennessee Code 48-202-101
• Docket: A log containing brief entries of court proceedings.
• Document: means :
  (A) Any tangible medium on which information is inscribed, and includes any writing or written instrument. See Tennessee Code 48-11-201
• Donor: The person who makes a gift.
• Drone: means a powered, aerial vehicle that:
  (A) Does not carry a human operator and is operated without the possibility of direct human intervention from within or on the aircraft. See Tennessee Code 4-56-101
• Electric operations: means all activities associated with the establishment, development, and administration of an electric system and the business of supplying electricity and associated services to the public, including, but not limited to, the generation, purchase, and sale of electric energy and the purchase, use and consumption of electric energy by ultimate consumers. See Tennessee Code 7-52-303
• Electric plant: means generating, transmission, or distribution systems, together with all other facilities, equipment and appurtenances necessary or appropriate to any such systems for the furnishing of electric power and energy for lighting, heating, power or any other purpose for which electric power and energy can be used. See Tennessee Code 7-52-102
• Electric service: means the furnishing of electric power and energy for lighting, heating, power or any other purpose for which electric power and energy can be used. See Tennessee Code 7-52-102
• Electric system: means all tangible and intangible property and resources of every kind and description used or held for use in the purchase, generation, transmission, distribution, and sale of electric energy. See Tennessee Code 7-52-303
• Employee: includes an officer but not a director. See Tennessee Code 48-11-201
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Exhibition: means one (1) or more displays or demonstrations which are of educational or entertainment value to those witnessing such exhibition. See Tennessee Code 4-57-103
• exposition: means an exhibition of agricultural, business, manufacturing, or other industries and labor, education service organizations, social and religious groups or any other events or activities consistent with the general welfare and interests of the people of the state, and includes such services as are necessary for the care and comfort or amusement of the public. See Tennessee Code 4-57-103
• Federal agency: includes the United States, the president of the United States, the department of housing and urban development, Tennessee Valley authority, or any other similar agency, instrumentality or corporation of the United States, that has heretofore been or may hereafter be created by or pursuant to any act or acts of the congress of the United States. See Tennessee Code 7-52-102
• Fiduciary: A trustee, executor, or administrator.
• Financial rights: means a member's or holder's rights to:
  (A) Share in profits and losses, as provided in §. See Tennessee Code 48-249-102
• Fiscal year: means the year beginning July 1 of each calendar year. See Tennessee Code 7-52-303
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goods: means all property, including, but not limited to, supplies, equipment, materials, printing, and insurance. See Tennessee Code 4-56-101
• Governing body: means the county legislative body, board, body or commission having general charge of the municipality. See Tennessee Code 7-52-102
• Grant: means any grant awarded to the state or awarded by the state for the furnishing by the state of assistance, whether financial or otherwise, to any person to support a program authorized by law. See Tennessee Code 4-56-101
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
• holder: means a person, other than a member, owning any financial rights in an LLC. See Tennessee Code 48-249-102
• Improve: means to acquire any improvement. See Tennessee Code 7-52-102
• Improvement: means any improvement, extension, betterment, or addition to any electric plant. See Tennessee Code 7-52-102
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Individual: includes the estate of an incompetent or deceased individual. See Tennessee Code 48-11-201
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
• Law: means any act or statute, general, special or local, of the state of Tennessee, including, but not limited to, the charter of any municipality. See Tennessee Code 7-52-102
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• LLC: means a limited liability company, organized under chapters 201-248 of this title. See Tennessee Code 48-202-101
• LLC documents: means either, or both:
  (A) An LLC's articles. See Tennessee Code 48-249-102
• Majority vote: means , with respect to a vote of the members, managers, or directors, as applicable:
  (A) If voting on a per capita basis, a majority in number of the members, managers or directors, as applicable, entitled to vote on a specific matter. See Tennessee Code 48-249-102
• Manager: means a person who is vested with authority as a manager under §. See Tennessee Code 48-249-102
• Member: means a person that has been admitted to an LLC as a member, as provided in §. See Tennessee Code 48-249-102
• Member-managed: means an LLC organized pursuant to this title that has elected pursuant to §. See Tennessee Code 48-202-101
• Metropolitan government: means the political entity created by consolidation of all, or substantially all, of the political and corporate functions of a county and a city or cities. See Tennessee Code 7-1-101
• Month: means a calendar month. See Tennessee Code 1-3-105
• Municipality: means any county, metropolitan government, incorporated city or town in the state of Tennessee. See Tennessee Code 7-52-102
• Municipality: means any incorporated city or town, metropolitan government, or county that now or hereafter owns and operates an electric system and buys all or part of its power requirements for resale and distribution from the Tennessee Valley authority. See Tennessee Code 7-52-303
• Net plant value of the electric plant: means the depreciated original cost of the electric plant, in service and held for future use, and the book value of construction work in progress, all as shown on the books of the electric system and all of which are for use in the generation, transmission, and distribution of electricity. See Tennessee Code 7-52-303
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nonadversarial approach: means that the district attorney general and the defense attorney work together for the benefit of the mental health treatment program participants and the mental health treatment court program. See Tennessee Code 16-19-103
• 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.
• Officer: means an individual, who is vested with authority as an officer under §. See Tennessee Code 48-249-102
• Operating agreement: means an agreement described in §. See Tennessee Code 48-249-102
• Oversight: Committee review of the activities of a Federal agency or program.
• Person: means an individual or an entity. See Tennessee Code 48-249-102
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. ^Source:
• Political subdivision: means this state or a municipality, public corporation, body politic, authority, district, metropolitan government, county, agency, department, or board of one (1) or more of the entities listed. See Tennessee Code 7-51-2401
• Political subdivision: means any local governmental entity, including, but not limited to, any municipality, metropolitan government, county, utility district, school district, public building authority, and development district created and existing pursuant to the laws of this state, or any instrumentality of government created by any one (1) or more of the named local governmental entities. See Tennessee Code 4-58-102
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Principal executive office: means the office, in or out of this state, that is designated as the principal executive office of a domestic or foreign LLC in its articles or in an application for a certificate of authority, as applicable, as thereafter changed from time to time in accordance with this chapter. See Tennessee Code 48-249-102
• Private act: includes , without limitation, the charter and any amendments to the charter of any home rule municipality or any metropolitan government. See Tennessee Code 7-52-303
• Proceeding: means any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, and whether formal or informal. See Tennessee Code 48-249-102
• Procurement: means buying, purchasing, renting, leasing, or otherwise acquiring any goods or services. See Tennessee Code 4-56-101
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Proposer: includes a "bidder" or "proposer" that is a legal entity that has properly registered as required by the state. See Tennessee Code 4-56-101
• Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public utility: means :
  (A) An entity subject to the jurisdiction of the water and wastewater financing board, or a successor board, in accordance with §. See Tennessee Code 7-51-2401
• Qualified alien: means :
  (A) A qualified alien as defined by 8 U. See Tennessee Code 4-58-102
• Quorum: The number of legislators that must be present to do business.
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Registered agent: means the person designated as the registered agent of a domestic or foreign LLC in its articles or in an application for a certificate of authority, as applicable, as thereafter changed from time to time in accordance with this chapter. See Tennessee Code 48-249-102
• Registered office: means the office in this state that is designated as the registered office of a domestic or foreign LLC in its articles or in an application for a certificate of authority, as applicable, as thereafter changed from time to time in accordance with this chapter. See Tennessee Code 48-249-102
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Renewable energy: means energy that is derived from a source that is naturally replenishing or that is virtually inexhaustible on a human timescale. See Tennessee Code 7-51-2401
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Road: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
• SAVE program: means the systematic alien verification for entitlements program created pursuant to the federal Immigration Reform and Control Act of 1986 (8 U. See Tennessee Code 4-58-102
• Secretary: means the corporate officer to whom the bylaws or the board of directors has delegated responsibility under §. See Tennessee Code 48-11-201
• Secretary of state: means the individual who holds the office of secretary of state of this state. See Tennessee Code 48-249-102
• Services: means all services and agreements obligating the state, except services for highway and road improvements, which are governed by title 54, and designer and construction services, which are governed under chapter 15 of this title. See Tennessee Code 4-56-101
• SEVIS system: means the student and exchange visitor information system created pursuant to §. See Tennessee Code 4-58-102
• sex: means a person's immutable biological sex as determined by anatomy and genetics existing at the time of birth and evidence of a person's biological sex. See Tennessee Code 1-3-105
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• 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
• State agency: means a board, commission, committee, department, office, or another entity of this state. See Tennessee Code 4-56-101
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Supervisory body: means any board or other agency of a municipality established to supervise the management and operation of its electric system and electric operations, or, in the absence of a board or other agency, the governing body of the municipality. See Tennessee Code 7-52-303
• Taxing jurisdiction: means any county, incorporated city or town, or metropolitan government in Tennessee having the power to levy taxes, or any special taxing district in Tennessee on behalf of which ad valorem property taxes may be levied, for the support of governmental and related activities and services. See Tennessee Code 7-52-303
• Termination: means the end of an LLC's existence as a legal entity and occurs when the articles of termination are filed with the secretary of state under §. See Tennessee Code 48-202-101
• Testify: Answer questions in court.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• United States: includes district, authority, bureau, commission, department, and any other agency of the United States. See Tennessee Code 48-11-201
• utility: means :
  (1) An entity subject to the jurisdiction of the Tennessee board of utility regulation in accordance with §. See Tennessee Code 7-51-2301
• Vendor: means a legal entity that has been established by the department of finance and administration's division of accounts as a vendor through proper authority for which payment may be made by the state. See Tennessee Code 4-56-101
• written: means any information in the form of a document. See Tennessee Code 48-11-201
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105