Tennessee Code 48-249-203 – Operating agreement
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Terms Used In Tennessee Code 48-249-203
- articles of organization: means , in the case of an LLC, articles of organization or, to the extent applicable with respect to an LLC initially formed under and governed by the Tennessee Limited Liability Company Act, compiled in chapters 201-248 of this title, articles of conversion, taken together with all of the following, to the extent they modify, correct, restate or otherwise affect the articles of organization or articles of conversion: articles of amendment, articles of correction, certificates of merger and all documents required to be filed with any of the articles of amendment, articles of correction and certificates of merger, as part of the formation and continuation of an LLC. See Tennessee Code 48-249-102
- Business: means every trade, occupation, profession, investment activity, and other lawful purpose for gain or the preservation of assets, whether or not carried on for profit. See Tennessee Code 48-249-102
- Court: includes every court and judge having jurisdiction in the case. See Tennessee Code 48-202-101
- Directors: means natural persons, designated in the charter or bylaws or elected or appointed by the incorporators, and their successors and natural persons elected or appointed to act as members of the board, irrespective of the names or titles by which such persons are described. See Tennessee Code 48-51-201
- Dissolution: means that the LLC has incurred an event under §. See Tennessee Code 48-202-101
- Document: means :
(A) Any tangible medium on which information is inscribed, and includes any writing or written instrument. See Tennessee Code 48-11-201 - Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Financial rights: means a member's or holder's rights to:
(A) Share in profits and losses, as provided in §. See Tennessee Code 48-249-102 - holder: means a person, other than a member, owning any financial rights in an LLC. See Tennessee Code 48-249-102
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- LLC: means a limited liability company, organized under chapters 201-248 of this title. See Tennessee Code 48-202-101
- LLC documents: means either, or both:
(A) An LLC's articles. See Tennessee Code 48-249-102 - Member: means a person that has been admitted to an LLC as a member, as provided in §. See Tennessee Code 48-249-102
- Operating agreement: means an agreement described in §. See Tennessee Code 48-249-102
- Person: means an individual or an entity. See Tennessee Code 48-249-102
- 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
- written: means any information in the form of a document. See Tennessee Code 48-11-201