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

(1) “Disqualified person” means an individual or entity that for any reason is or becomes ineligible under this part to be issued shares by a professional corporation;
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Terms Used In Tennessee Code 48-101-603

  • Business: includes every trade, occupation, profession, investment activity and other lawful purpose for gain or the preservation of assets whether or not carried on for profits. See Tennessee Code 48-202-101
  • 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.
  • Court: includes every court and judge having jurisdiction in the case. See Tennessee Code 48-202-101
  • Entity: includes the following, whether foreign or domestic: LLCs. See Tennessee Code 48-202-101
  • Foreign professional corporation: means a corporation or association for profit incorporated for the purpose of rendering professional services under a law other than the law of this state. See Tennessee Code 48-101-603
  • Individual: includes the estate of an incompetent or deceased individual. See Tennessee Code 48-11-201
  • Law: includes rules promulgated in accordance with §. See Tennessee Code 48-101-603
  • Licensing authority: means the officer, board, agency, court or other authority in this state empowered to license or otherwise authorize the rendition of a professional service. See Tennessee Code 48-101-603
  • 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.
  • Person: includes individual and entity. See Tennessee Code 48-202-101
  • Professional corporation: means a corporation for profit, other than a foreign professional corporation, subject to this part. See Tennessee Code 48-101-603
  • Professional service: means a service that may be lawfully rendered only by a person licensed or otherwise authorized by a licensing authority in this state to render the service, and that may not be lawfully rendered by a corporation under the Tennessee Business Corporation Act, compiled in chapters 11-27 of this title. See Tennessee Code 48-101-603
  • 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
(2) “Domestic professional corporation” means a professional corporation;
(3) “Foreign professional corporation” means a corporation or association for profit incorporated for the purpose of rendering professional services under a law other than the law of this state;
(4) “Law” includes rules promulgated in accordance with § 48-101-630;
(5) “Licensing authority” means the officer, board, agency, court or other authority in this state empowered to license or otherwise authorize the rendition of a professional service;
(6) “Professional corporation” means a corporation for profit, other than a foreign professional corporation, subject to this part;
(7) “Professional service” means a service that may be lawfully rendered only by a person licensed or otherwise authorized by a licensing authority in this state to render the service, and that may not be lawfully rendered by a corporation under the Tennessee Business Corporation Act, compiled in chapters 11-27 of this title; and
(8) “Qualified person” means an individual, general partnership or professional corporation to whom shares under this part may be issued.
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