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2017 Tennessee Code
Title 48 - Corporations and Associations
Limited Liability Companies
Chapter 235 - Financial Provisions
§ 48-235-102. Restatement of value of previous contributions.
Universal Citation: TN Code § 48-235-102 (2017)
- (a) Definition. As used in this section, an "old" contribution is a contribution reflected in the required records of an LLC before the time the LLC accepts a new contribution.
- (b) Restatement Required. Whenever an LLC accepts a new contribution, the board of governors of a board-governed LLC or the members shall restate the value of all old contributions if and as required by applicable federal tax law.
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