48-7A-101. Definitions.
454 words·~2 min read·
/sd/title-48/chapter-48-7/48-7a-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this chapter:
(1)"Business" includes every trade, occupation, and profession;
(2)"Debtor in bankruptcy" means a person who is the subject of:
(i)An order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or
(ii)A comparable order under federal, state, or foreign law governing insolvency;
(3)"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;
(4)"Foreign limited liability partnership" means a partnership that:
(i)Is formed under laws other than the laws of this state; and
(ii)Has the status of a limited liability partnership under those laws;
(5)"Limited liability partnership" means a partnership that has filed a statement of qualification under § 48 - 7A - 1001 and does not have a similar statement in effect in any other jurisdiction;
(6)"Partnership" means an association of two or more persons to carry on as co - owners a business for profit formed under § 48 - 7A - 202, predecessor law, or comparable law of another jurisdiction;
(7)"Partnership agreement" means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement;
(8)"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;
(9)"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;
(10)"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;
(11)"Property" means all property, real, personal, or mixed, tangible or intangible, or any interest therein;
(12)"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;
(13)"Statement" means a statement of partnership authority under § 48 - 7A - 303, a statement of denial under § 48 - 7A - 304, a statement of dissociation under § 48 - 7A - 704, a statement of dissolution under § 48 - 7A - 805, a statement of merger under § 48 - 7A - 907, a statement of qualification under § 48 - 7A - 1001, a statement of foreign qualification under § 48 - 7A - 1102, or an amendment or cancellation of any of the foregoing;
(14)"Transfer" includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.