Tennessee Code 48-242-102 – Advances
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Terms Used In Tennessee Code 48-242-102
- LLC: means a limited liability company, organized under chapters 201-248 of this title. See Tennessee Code 48-202-101
- Operating agreement: means a written agreement described in §. See Tennessee Code 48-202-101
Unless otherwise provided in the articles or the operating agreement, an LLC may, without a vote of the governors or its members, advance money to its governors, managers, or employees to cover expenses that can reasonably be anticipated to be incurred by them in the ordinary course of the performance of their duties and for which they would be entitled to reimbursement in the absence of an advance.