Tennessee § 48-212-101 - General powers.

§ 48-212-101. General powers.

The LLC has the same powers as an individual to do all things necessary or convenient to carry out its business and affairs, including without limitation, power to: Sue and be sued, complain and defend in its LLC name; Make and amend an operating agreement not inconsistent with its articles or with the laws of this state, for managing the business and regulating the affairs of the LLC; Purchase, receive, lease, or otherwise acquire, and own, hold, improve, use, and otherwise deal with, real or personal property, or any legal or equitable interest in property, wherever located; Sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of, or grant a security interest in, all or any part of its property; Purchase, receive, subscribe for, or otherwise acquire; own, hold, vote, use, sell, mortgage, lend, pledge, or otherwise dispose of, or grant a security interest in; and deal in and with shares or other interests in, or obligations of, any other entity; Make contracts and guarantees, incur liabilities, borrow money, issue its notes, bonds, and other obligations (which may be convertible into or include the option to purchase other securities of the LLC), and secure any of its obligations or those of any other person by mortgage, pledge of, or security interest in, any of its property, franchises, or income; Lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment; Be a promoter, partner, member, associate, or manager of any partnership, joint venture, trust, or other entity; Conduct its business, locate offices, and exercise the powers granted by chapters 201-248 of this title within or without this state; Elect governors, if board-managed, and appoint managers, employees, and agents of the LLC, define their duties, fix their compensation, lend them money and credit, and guarantee debt on their behalf; Pay pensions and establish pension plans, pension trusts, profit-sharing plans, and benefit or incentive plans for any or all of the current or former governors, managers, employees, and agents of the LLC or any of its subsidiaries; Make donations for the public welfare or for charitable, scientific or educational purposes; Make payments or donations, or do any other act, not inconsistent with law, that furthers the business and affairs of the LLC; Procure for its benefit insurance on the life of any of its governors, managers or employees, to insure the life of any member for the purpose of acquiring at the member's death the membership interest owned by such member and to continue such insurance after the relationship terminates; Accept gifts, devises, and bequests subject to any conditions or limitations contained in such gift, devise, or bequest so long as such conditions or limitations are not contrary to any provisions of chapters 201-248 of this title or the purposes for which the LLC is organized; Accept contributions under § 48-232-101 and enter into contribution agreements under § 48-233-101 and contribution allowance agreements under § 48-234-101; and Have and exercise all other powers necessary or convenient to effect any or all of the business purposes for which the LLC is organized. Acts 1994, ch. 868, § 1. Attorney General Opinions. Application of campaign finance legislation to limited liability companies, OAG 99-086, 1999 Tenn. AG LEXIS 86 (4/8/99).