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Tennessee Code Title 48. Corporations and Associations § 48-231-206

Current as of January 02, 2024 | Updated by FindLaw Staff

(a) Except as provided in § 48-231-208, as soon as the proposed LLC action is effectuated, or upon receipt of a payment demand, whichever is later, the LLC shall pay each dissenter who complied with § 48-231-205 the amount the LLC estimates to be the fair value of such dissenter's partnership interest, plus accrued interest.

(b) The payment must be accompanied by:

(1) The LLC's balance sheet as of the end of a fiscal year ending not more than sixteen (16) months before the date of payment, an income statement for that year, and the latest available interim financial statements, if any;

(2) A statement of the LLC's estimate of the fair value of the membership interests;

(3) An explanation of how the value of the membership interest was calculated;

(4) A statement of the dissenter's right to demand payment under § 48-231-209; and

(5) A copy of this chapter, if the LLC has not previously sent a copy of this chapter to the member pursuant to § 48-231-202 or § 48-231-204.

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Cite this article: FindLaw.com - Tennessee Code Title 48. Corporations and Associations § 48-231-206 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-48-corporations-and-associations/tn-code-sect-48-231-206/

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