48-101-702. Chapter definitions.

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.

[Acts 2001, ch. 418, § 1.]