48-7-101. Definitions.

316 words·~1 min read·/sd/title-48/chapter-48-7/48-7-101

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

Terms used in this chapter mean:

(1)"Certificate of limited partnership," the certificate referred to in § 48-7-201 , and the certificate as amended or restated;

(2)"Contribution," any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in the partner's capacity as a partner;

(3)"Event of withdrawal of a general partner," an event that causes a person to cease to be a general partner as provided in § 48-7-402 ;

(4)"Foreign limited partnership," a partnership formed under the laws of any state other than South Dakota and having as partners one or more general partners and one or more limited partners;

(5)"General partner," a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner;

(6)"Limited partner," a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement;

(7)"Limited partnership" and "domestic limited partnership," a partnership formed by two or more persons under the laws of South Dakota and having one or more general partners and one or more limited partners;

(8)"Partner," a limited or general partner;

(9)"Partnership agreement," any valid agreement written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business;

(10)"Partnership interest," a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets;

(11)"Person," a natural person, partnership, limited partnership (domestic or foreign), trust, estate, association, limited liability company (domestic or foreign), or corporation;

(12)"State," a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.