Tennessee Code 48-56-203 – Member’s liability to third parties
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Terms Used In Tennessee Code 48-56-203
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
A member of a corporation is not, as such, personally liable for the acts, debts, liabilities, or obligations of the corporation.