Tennessee § 48-250-103 Decentralized organization status

Tennessee Statutes

§ 48-250-103 — Decentralized organization status

Tennessee § 48-250-103

Title48

This text of Tennessee § 48-250-103 (Decentralized organization status) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 48-250-103 (2026).

Text

(a)A decentralized organization is a limited liability company whose articles of organization contain a statement that the company is a decentralized organization as described in subsection (c).

(b)A limited liability company formed under the Tennessee Revised Limited Liability Company Act, compiled in chapter 249 of this title, may convert to a decentralized organization by amending its articles of organization to include the statement described in subsection (c).

(c)A statement in substantially the following form must appear conspicuously in the articles of organization of a decentralized organization: NOTICE OF RESTRICTIONS ON DUTIES AND TRANSFERS The rights of members in a decentralized organization may differ materially from the rights of members in other limited liability companie

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(a) A decentralized organization is a limited liability company whose articles of organization contain a statement that the company is a decentralized organization as described in subsection (c). (b) A limited liability company formed under the Tennessee Revised Limited Liability Company Act, compiled in chapter 249 of this title, may convert to a decentralized organization by amending its articles of organization to include the statement described in subsection (c). (c) A statement in substantially the following form must appear conspicuously in the articles of organization of a decentralized organization: NOTICE OF RESTRICTIONS ON DUTIES AND TRANSFERS The rights of members in a decentralized organization may differ materially from the rights of members in other limited liability companies. The Tennessee Decentralized Organization Supplement, underlying smart contracts, articles of organization, and operating agreement, if applicable, of a decentralized organization may define, reduce, or eliminate fiduciary duties and may restrict the withdrawal or resignation from the decentralized organization, or the transfer of ownership interests, return of capital contributions, or dissolution of the decentralized organization. (d) The registered name for a decentralized organization must include wording or abbreviation to denote its status as a decentralized organization, specifically "DO", "DAO", "DO LLC.", or "DAO LLC.". (e) A statement in the articles of organization may define the decentralized organization as either a member-managed decentralized organization or a smart contract-managed decentralized organization. If the type of decentralized organization is not provided for in the articles of organization, then the limited liability company is presumed to be a member-managed decentralized organization.