§ 48-7A-101 — Definitions.

South Dakota § 48-7A-101

• Jurisdiction: South Dakota
• Title 48: PARTNERSHIPS
• Ch. 48-7: UNIFORM PARTNERSHIP ACT

Text

In this chapter: (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: (i) Is formed under laws other than the laws of this state; and (ii) 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 § 48 - 7A - 1001 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 § 48 - 7A - 202, 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, 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 § 48 - 7A - 303, a statement of denial under § 48 - 7A - 304, a statement of dissociation under § 48 - 7A - 704, a statement of dissolution under § 48 - 7A - 805, a statement of merger under § 48 - 7A - 907, a statement of qualification under § 48 - 7A - 1001, a statement of foreign qualification under § 48 - 7A - 1102, or an amendment or cancellation of any of the foregoing; (14) "Transfer" includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.

Legislative History

SL 2001, ch 249, § 101.