48-101-805 - Requirements of domestic and foreign LLCs. - Tennessee Statutes

48-101-805. Requirements of domestic and foreign LLCs.

A domestic or foreign nonprofit LLC under this part must:

     (1)  Be disregarded as an entity for federal income tax purposes; and

     (2)  Have as its sole member a nonprofit corporation, whether foreign or domestic, that is incorporated under or subject to the provisions of chapters 51-68 of this title and that is exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004.

[Acts 2006, ch. 620, § 6.]