Tennessee Code 48-101-704 – Organization as a nonprofit LLC
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Terms Used In Tennessee Code 48-101-704
- articles of organization: means in the case of an LLC organized under chapters 201-248 of this title, articles of organization, articles of amendment, articles of correction, certificates of merger, and all similar documents required to be filed with any of the foregoing as part of the formation and continuation of an LLC. 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.
- Entity: includes the following, whether foreign or domestic: LLCs. See Tennessee Code 48-202-101
- LLC: means a limited liability company, foreign or domestic, organized under or subject to the Tennessee Limited Liability Company Act, compiled in chapters 201-248 of this title. See Tennessee Code 48-101-702
- Member: means a person reflected in the required records of an LLC as the owner of some governance rights of a membership interest of the LLC. See Tennessee Code 48-202-101
- nonprofit LLC: means a limited liability company:
(A) That is disregarded as an entity for federal income tax purposes. See Tennessee Code 48-101-702 - Secretary of state: means the person who holds the office of secretary of state of Tennessee. See Tennessee Code 48-202-101
A nonprofit corporation may organize a nonprofit LLC by filing articles of organization prominently designating it as a nonprofit limited liability company with the office of the secretary of state consistent with the Tennessee Limited Liability Company Act; provided, that an LLC shall qualify as a nonprofit LLC only if the LLC is disregarded as an entity for federal income tax purposes. No more than one (1) nonprofit corporation may be a member of a nonprofit LLC.