§ 48-7-101 — Definitions.

Terms used in this chapter mean: (1) "Certificate of limited partnership," the certificate referred to in § 48-7-201 , and the certificate as amended or restated; (2) "Contribution," any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in the partner's capacity as a partner; (3) "Event of withdrawal of a general partner," an event that causes a person to cease to be a general partner as provided in § 48-7-402 ; (4) "Foreign limited partnership," a partnership formed under the laws of any state other than South Dakota and having as partners one or more general partners and one or more limited partners; (5) "General partner," a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner; (6) "Limited partner," a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement; (7) "Limited partnership" and "domestic limited partnership," a partnership formed by two or more persons under the laws of South Dakota and having one or more general partners and one or more limited partners; (8) "Partner," a limited or general partner; (9) "Partnership agreement," any valid agreement written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business; (10) "Partnership interest," a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets; (11) "Person," a natural person, partnership, limited partnership (domestic or foreign), trust, estate, association, limited liability company (domestic or foreign), or corporation; (12) "State," a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.

Legislative History

SL 1986, ch 391, § 101; SL 1994, ch 351, § 131.