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2017 Tennessee Code
Title 48 - Corporations and Associations
Limited Liability Companies
Chapter 230 - Derivative Actions and Equitable Remedies
§ 48-230-101. Actions.
Universal Citation: TN Code § 48-230-101 (2017)
- (a) Board-managed Action. A member may not commence a proceeding in the right of a domestic (or foreign) LLC unless the member was a member of such LLC when the transaction complained of occurred or unless the member becomes a member through transfer by operation of law from one who was a member at that time.
- (b) Member-managed Action. Notwithstanding subsection (a), if the articles or operating agreement of a domestic (or foreign) member-managed LLC permit derivative actions, a member may commence a proceeding to the same extent as a member of a board-managed LLC.
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