50-73.79 - Definitions. - Virginia Statutes

§ 50-73.79. Definitions.

In this chapter:

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

"Commission" means the State Corporation Commission of Virginia.

"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 acomparable order under a successor statute of general application; or

(ii) a comparable order under federal, state, or foreign law governinginsolvency.

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

"Foreign registered limited liability partnership" means a limitedliability partnership or registered limited liability partnership, or thefunctional equivalent thereof, formed pursuant to an agreement governed bythe laws of any state or jurisdiction other than this Commonwealth andregistered as a limited liability partnership under the laws of that state orjurisdiction.

"Partnership" means an association of two or more persons to carry on asco-owners a business for profit formed under § 50-73.88, predecessor law, orcomparable law of another jurisdiction, and includes, for all purposes of thelaws of this Commonwealth, a registered limited liability partnership.

"Partnership agreement" means the agreement, whether written, oral, orimplied, among the partners concerning the partnership, including amendmentsto the partnership agreement.

"Partnership at will" means a partnership in which the partners have notagreed to remain partners until the expiration of a definite term or thecompletion of a particular undertaking.

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

"Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture,government, governmental subdivision, agency, or instrumentality, or anyother legal or commercial entity.

"Principal office" means the office, in or out of the Commonwealth, wherethe chief executive offices of a domestic or foreign partnership orregistered limited liability partnership are located.

"Property" means all property, real, personal, or mixed, tangible orintangible, or any interest therein.

"Registered limited liability partnership" means a partnership formedpursuant to an agreement governed by the laws of this Commonwealth andregistered under § 50-73.132.

"State" means a state of the United States, the District of Columbia, theCommonwealth of Puerto Rico, or any territory or insular possession subjectto the jurisdiction of the United States.

"Statement" means a statement of partnership authority under § 50-73.93, astatement of denial under § 50-73.94, a statement of dissociation under §50-73.115, a statement of dissolution under § 50-73.121, a statement ofmerger under § 50-73.131, a statement of registration as a registered limitedliability partnership under § 50-73.132, a statement of registration as aforeign registered limited liability partnership under § 50-73.138, anamendment or cancellation of any of the foregoing or a renewal of a statementof partnership authority.

"Transfer" includes an assignment, conveyance, lease, mortgage, deed, andencumbrance.

(1996, c. 292; 2003, c. 567; 2006, c. 912; 2007, c. 631.)