As used in this chapter, 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 provisions of 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 the provisions of chapters 51-68 of this title and exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004(15);
(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 the provisions of 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(15);
(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.
As used in this chapter, 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 provisions of 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 the provisions of chapters 51-68 of this title and exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004(15);
(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 the provisions of 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(15);
(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.
As used in this chapter, 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 provisions of 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 the provisions of chapters 51-68 of this title and exempt from franchise and excise tax as not-for-profit as defined in § 67-4-2004(15);
(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 the provisions of 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(15);
(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.
