§ 54-1A-101 — Definitions

New Mexico § 54-1A-101

• Jurisdiction: New Mexico
• Ch. 54: Partnerships
• Art. 1: General Provisions.

Text

As used in the Uniform Partnership Act (1994) [54-1A-101 to 54-1A-1206 NMSA 1978]: (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 is formed under laws other than the laws of this state and 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 54-1A-1001 NMSA 1978 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 54-1A-202 NMSA 1978, predecessor law, or comparable law of another jurisdiction, and includes a registered limited liability partnership; (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, limited liability company, 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 54- 1A-303 NMSA 1978, a statement of denial under Section 54-1A-304 NMSA 1978, a statement of dissociation under Section 54-1A-704 NMSA 1978, a statement of dissolution under Section 54-1A-805 NMSA 1978, a statement of merger under Section 54-1A-907 NMSA 1978, a statement of qualification under Section 54-1A-1001 NMSA 1978, a statement of foreign qualification under Section 54-1A-1102 NMSA 1978 or an amendment or cancellation of any of the foregoing; and (14) "transfer" includes an assignment, conveyance, lease, mortgage, deed and encumbrance.

Legislative History

Laws 1996, ch. 53, § 101; 1997, ch. 76, § 1.