LLC Key Terms
Annual
Report - A form provided by the Division
of Business Services through which each domestic and foreign LLC annually
provides or updates certain information required by the laws of Tennessee.
Application
for Certificate of Authority - A document
that must be filed by a foreign LLC before the LLC may legally transact
business in Tennessee.
Articles
of Organization - A document that is used
to form a LLC and which sets out essential initial information about the LLC.
Assumed
Name - The name, other than the actual LLC
name, under which a LLC does business.
Capital
Contribution - The total amount of cash
and the fair market value of any other assets contributed to the company by a
member.
Division
of Business Services - The division of the
Tennessee Department of State that is responsible for executing the duties and
functions of the Secretary of State relative to LLC filings in Tennessee.
Manager - A person, who may or may not also be a member of
a manager-managed LLC, that is granted the authority to manage the LLC's
business.
Member - A person or legal entity that owns a LLC
interest.
Membership
Interest - An ownership right in a LLC
consisting of financial and/or governance rights in the company.
Operating
Agreement - A legally enforceable contract
that governs relations between the members of the LLC.
Professional
LLC (PLLC) - A LLC formed to conduct
exclusively the activities of a licensed profession.
Registered
Agent - A person or legal entity in
Tennessee that is designated to accept service of process for a LLC.
Registered
Office - The street address in Tennessee
of the registered agent for service of process.
Series
LLC - A new form of LLC which allows the
owners to create separate series of ownership within one LLC.
Single Member LLC - A LLC which is owned by a single person or
entity.