(a)Admission at formation. In connection with the formation of an LLC, a person is admitted as a member of the LLC upon the later to occur of:

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Terms Used In Tennessee Code 48-249-501

  • Interest: means either or both of the following rights under the organic law of an unincorporated entity:
    (A) The right to receive distributions from the entity either in the ordinary course or upon liquidation. See Tennessee Code 48-11-201
  • 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
  • Membership: means the rights and obligations a member has pursuant to a corporation's charter, bylaws and chapters 51-68 of this title. See Tennessee Code 48-51-201
  • Person: means an individual or an entity. See Tennessee Code 48-249-102
(1) The formation of the LLC under § 48-249-201; or
(2) The time provided in and upon compliance with the LLC documents, or, if the LLC documents do not so provide, the time at which the person’s admission is reflected in the records of the LLC.
(b)Admission after formation. After an LLC is formed, all members shall approve the admission of a new person as a member, the membership interest of such person and the contribution of such person. All consents under this subsection (b) may be unreasonably withheld and are in the sole discretion of the members.
(c)Single member LLCs. An LLC may have one (1) or more members.
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