Part Definitions

1. Law
2. Tennessee Code
3. Securities, Corporations and Associations
4. Special Purpose Corporations and Associations
5. Nonprofit Limited Liability Company Act of 2001
6. 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:
   1. That is disregarded as an entity for federal income tax purposes; and
   2. 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.

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