Sharing of and rights to profits and losses
Known as the Tennessee Revised Limited Liability Company Act
The act spans §§ 48-249-1001 to 48-249-914 (146 sections).
Applied in 1 court decision — leading case Delwin L. Huggins v. R.Ellsworth McKee (2016)
Most recently applied in Delwin L. Huggins v. R.Ellsworth McKee (May 2016)
Acts 2005, ch. 286, § 1; 2006, ch. 620, § 23.
(1) LLC documents control. Any profits and losses of an LLC shall be allocated among the members and holders of financial rights in the manner provided in the LLC documents.
(2) LLC documents silent. If the LLC documents do not provide for allocations of profits and losses, profits and losses shall be allocated among the members and holders of financial rights in equal shares.
(3) Record date. The LLC documents may provide for a record date with respect to allocations of profits and losses.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.