56-1a101. Definitions. - Kansas Statutes

56-1a101

Chapter 56.--PARTNERSHIPS Part 1.--GENERAL PROVISIONS Article 1a.--REVISED UNIFORM LIMITED PARTNERSHIP ACT

      56-1a101.   Definitions.As used in the Kansas revised uniform limited partnership act, unless thecontext otherwise requires:

      (a)   "Certificate of limited partnership" means the certificate referredto in K.S.A. 56-1a151 and amendments thereto and the certificate asamended.

      (b)   "Contribution" means any cash, property, services rendered, or a promissorynote or other obligation to contribute cash or property or to perform services,which a partner contributes to a limited partnership in the partner's capacityas a partner.

      (c)   "Event of withdrawal of a general partner" means an event that causesa person to cease to be a general partner as provided in K.S.A. 56-1a252and amendments thereto.

      (d)   "Foreign limited partnership" means a partnership formed underthe laws of any state or jurisdiction other than the state ofKansas, or under the laws of any foreign country, and having as partners oneor more general partners and one or more limited partners.

      (e)   "General partner" means a person who has been admitted to a limitedpartnership as a general partner in accordance with the partnership agreementand so named in the certificate of limited partnership or similar instrumentof the state or foreign country under which the limited partnership is organizedif so required.

      (f)   "Limited partner" means a person who has been admitted to a limitedpartnership as a limited partner in accordance with the partnership agreement.

      (g)   "Limited partnership" and "domestic limited partnership" mean a partnershipformed by two or more persons under the laws of the state of Kansas andhaving one or more general partners and one or more limited partners.

      (h)   "Partner" means a limited or general partner.

      (i)   "Partnership agreement" means any valid written or oral agreementof the partners as to the affairs of a limited partnership and the conductof its business.

      (j)   "Partnership interest" means a partner's share of the profits andlosses of a limited partnership and the right to receive distributions ofpartnership assets.

      (k)   "Person" means a natural person, partnership, domestic or foreignlimited partnership, trust, estate, association, corporation,custodian, nominee or any other individual or entity in its own or anyrepresentative capacity.

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

      History:   L. 1983, ch. 88, § 1;L. 1987, ch. 208, § 1;L. 1988, ch. 195, § 1; July 1.