Tennessee Code 48-236-101 – Sharing of distributions
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Terms Used In Tennessee Code 48-236-101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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
Unless otherwise provided in or through the articles or operating agreement, distributions of cash or other assets of an LLC, including distributions on termination of the LLC except as provided in § 48-245-1101, must be allocated equally among the members.