§ 67-402 — Terms, defined

Nebraska § 67-402

• Jurisdiction: Nebraska
• Ch. 67: Partnerships

Text

For purposes of the Uniform Partnership Act of 1998:
(1) Business includes every trade, occupation, and profession;
(2) Debtor in bankruptcy means a person who is the subject of:
(a) An order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or
(b) 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:
(a) Is formed under laws other than the laws of this state; and
(b) 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 section 67-454 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 section 67-410 , 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, limited liability company, 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 section 67-415 , a statement of denial under section 67-416 , a statement of dissociation under section 67-437 , a statement of dissolution under section 67-443 , a statement of merger under section 67-452 , a statement of qualification under section 67-454 , a statement of foreign qualification under section 67-458 , or an amendment or cancellation of any of the foregoing; and
(14) Transfer includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.

Legislative History

Source: Laws 1997, LB 523, § 2.