29-1001. Definitions

502 words·~2 min read·/az/title-29/29-1001

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this chapter, unless the context otherwise requires:

1. "Business" includes every trade, occupation and profession.

2. "Chief executive office" means the place from which the main part of the partnership's business is managed.

3. "Debtor in bankruptcy" means a person who is the subject of either:

(a)An order for relief under title 11 of the United States Code or a comparable order under a successor statute of general application.

(b)A comparable order under federal, state or foreign law governing insolvency.

4. "Distribution" means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee.

5. "Foreign limited liability partnership" means a partnership or limited partnership that is formed or created under laws other than the laws of this state and that is qualified as a limited liability partnership under those laws.

6. "General partner" means a partner in a partnership and a general partner in a limited partnership.

7. "Limited liability partnership" means a partnership or limited partnership that has filed a statement of qualification under section 29-1101.

8. "Limited partner" means a limited partner in a limited partnership.

9. "Limited partnership" means a limited partnership created under chapter 3 of this title, predecessor law or comparable law of another jurisdiction.

10. "Partner" means a general partner and, for purposes of article 9 of this chapter, both a general partner and a limited partner.

11. "Partnership" means an association or entity formed under section 29-1012, a predecessor law or a comparable law of another jurisdiction.

12. "Partnership agreement" means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement.

13. "Partnership at will" means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.

14. "Partnership interest" or "partner's interest in the partnership" means all of a partner's interests in the partnership, including the partner's transferable interest and all management and other rights.

15. "Person" means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity.

16. "Property" means all property, real, personal or mixed, tangible or intangible, or any interest in such property.

17. "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States.

18. "Statement" means a statement of partnership authority under section 29-1023, a statement of denial under section 29-1024, a statement of dissociation under section 29-1064, a statement of dissolution under section 29-1075, a statement of merger under section 29-2205, a statement of qualification as a limited liability partnership under section 29-1101, a statement of foreign qualification under section 29-1106 or an amendment or cancellation of any of the foregoing.

19. "Transfer" includes an assignment, conveyance, lease, mortgage, deed and encumbrance.