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Chapter 249 tennessee revised limited liability company act form

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PROFESSIONAL LIMITED LIABILITY COMPANY for LICENSED PROFESSIONALS STATE OF TENNESSEE Electronic Version STATUTORY REFERENCES TENNESSEE CODE, Title 48, Chapters 249 (Revised Limited Liability Company Act) TENNESSEE CODE, Title 48, Chapter 249, Part 11 (Professional Limited Liability Companies) http://www.tennesseeanytime.org/laws/laws.html (Select ‘Tennessee Code’ from menu) INTRODUCTORY NOTES AND LAW SUMMARY In the State of Tennessee a professional limited liability company (PLLC) is controlled generally by those provisions of the TENNESSEE CODE contained in Title 48, Chapter 249. There are specific provisions of Chapter 249, Part 11, which are applicable to professional limited liability companies. In addition to the statutory provisions applicable to limited liability companies and professional limited liability companies, a PLLC organized to engage in any professional practice is also subject to the rules and regulations of the state governing/examining board/agency for that specific profession. Prior to filing Articles of Organization for a PLLC organized to engage in a professional practice, you should check with the governing/examining board/agency for your profession to confirm that you are in compliance with all of their rules and regulations.
tenn. Code ann. § 49–13–801 (a) a professional limited liability company may not transact or engage in a business, profession, or occupation except as allowed under this part. (b) a professional limited liability company may transact or engage in a business, profession, or occupation only if: (1) in the aggregate the net worth of all the company's shareholders excluding the president is at least 300,; or (2 the amount of capital stock owned and paid for by any shareholder is at least 5, (c) a professional limited liability company may not transact or engage in a business, profession, or occupation except as allowed under subsections (a) or (b) of this section. (d) a professional limited liability company must not conduct business through any medium that is not as stated in paragraph (2) of subsection (b) of this section. (e) a professional limited liability company may transact or engage in a business, profession, or occupation as allowed under subsections (a) or (b) of this section if: (1) the person conducting the business is a person of good repute and reputation in the professional or trade or as a member of the clergy; (2) the business is for the purposes of the person's profession; (3) the fees charged are reasonable; and (4) the business continues for at least six months after all financial obligations have been satisfied. (f) no individual is considered to be acting as a member or trustee of a corporation on behalf of the corporation by reason of the fact that the person is an employee or officer of the corporation. [2006, c. 508 , pt. A, §2 (new) ; 2007, c. 447 , §2 (aff) .] §49–13–804. Definition of professional limited liability company. (a) a professional limited liability company is one organized and doing business or engaged in the practice of: (1) law or profession; or (2) an activity constituting a part of the activity as limited by this chapter; for which license is sought as a licensee. (a1) a professional limited liability company is one organized and doing business or engaged in the practice of: (1) law or profession; or (2) an activity constituting a part of the activity as limited by this chapter; for which license

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Fill and Sign the Chapter 249 Tennessee Revised Limited Liability Company Act Form