§ 48-101-702 — Part definitions

As used in this part, unless the context otherwise requires: (1) "Limited liability company" or "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; (2) "Nonprofit corporation," for the purposes of this part, means a nonprofit corporation, foreign or domestic, incorporated under or subject to chapters 51-68 of this title and exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004 ; (3) "Nonprofit limited liability company" or "nonprofit LLC" means a limited liability company: (A) That is disregarded as an entity for federal income tax purposes; and (B) Whose sole member is a nonprofit corporation, foreign or domestic, incorporated under or subject to chapters 51-68 of this title and who is exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004 ; (4) "Parent nonprofit corporation" means a nonprofit corporation that is the sole member of a nonprofit corporation; and (5) "Subsidiary nonprofit corporation" means a nonprofit corporation whose sole member is a nonprofit corporation.

Legislative History

Acts 2001, ch. 418, § 1.