48-101-802 - Part definitions. - Tennessee Statutes

48-101-802. Part definitions.

As used in this part, unless the context otherwise requires:

     (1)  “LLC” means a limited liability company, whether foreign or domestic, that is formed under, that is subject to, or that has elected to be governed by, as applicable, the Tennessee Revised Limited Liability Company Act, compiled in chapter 249 of this title, except where expressly indicated otherwise;

     (2)  “Nonprofit corporation,” means a nonprofit corporation, whether foreign or domestic, incorporated pursuant to or subject to the provisions of chapters 51-68 of this title and exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004;

     (3)  “Nonprofit LLC” means an LLC that has complied with the requirements of this part;

     (4)  “Parent nonprofit corporation” means a nonprofit corporation that is the sole member of a nonprofit corporation; and

     (5)  “Subsidiary nonprofit corporation” means a nonprofit corporation, the sole member of which is also a nonprofit corporation.

[Acts 2006, ch. 620, § 3.]