362.401 Definitions.
390 words·~2 min read·
/ky/chapter-362/362-401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in KRS 362.403 to 362.525, unless the context otherwise requires, the term:
(1)"Certificate of limited partnership" means the certificate referred to in KRS
362.415, or the certificate of limited partnership as amended or restated;
(2)"Business entity" means a domestic or foreign limited liability company,
corporation, partnership, limited partnership, business or statutory trust and not-for-
profit unincorporated association;
(3)"Contribution" means any cash, property, services rendered, or a promissory note or
other obligation to contribute cash or property or to perform services, which a
partner contributes to a limited partnership in his capacity as a partner;
(4)"Event of withdrawal of a general partner" means an event that causes a person to
cease to be a general partner as provided in KRS 362.445;
(5)"Foreign limited partnership" means a limited partnership formed under the laws of
any state other than this state and having as partners one
(1)or more general
partners and one
(1)or more limited partners;
(6)"General partner" means a person who has been admitted to a limited partnership as
a general partner in accordance with the partnership agreement and is named in the
certificate of limited partnership as a general partner;
(7)"Limited partner" means a person who has been admitted to a limited partnership as
a limited partner in accordance with the partnership agreement;
(8)"Limited partnership" or "domestic limited partnership" means a partnership formed
by two
(2)or more persons under the laws of this state and having one
(1)or more
general partners and one
(1)or more limited partners;
(9)"Name of record with the Secretary of State" means any real, fictitious, reserved,
registered, or assumed name of a business entity;
(10)"Partner" means a limited partner or general partner;
(11)"Partnership agreement" means any valid agreement, written or oral, of the partners
as to the affairs of a limited partnership and the conduct of its business;
(12)"Partnership interest" means a partner's share of the profits and losses of a limited
partnership and the right to receive distributions of partnership assets;
(13)"Person" means a natural person; trust; estate; or business entity;
(14)"Real name" shall have the meaning set forth in KRS 365.015; and
(15)"State" means a state, territory, or possession of the United States, the District of
Columbia or the Commonwealth of Puerto Rico.