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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>80626</law_id><section_number>50-73.1</section_number><catch_line>Definitions</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>12.1-19.1</reference><reference>13.1-1002</reference><reference>13.1-1081</reference><reference>13.1-1082</reference><reference>13.1-1201</reference><reference>13.1-1264</reference><reference>13.1-1272</reference><reference>13.1-603</reference><reference>13.1-803</reference><reference>50-73.132</reference><reference>50-73.138</reference><reference>50-73.84</reference><reference>58.1-1021.04:1</reference><reference>6.2-308</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="50">Partnerships</unit><unit label="chapter" level="2" order_by="1" identifier="2.1">Virginia Revised Uniform Limited Partnership Act</unit><unit label="article" level="3" order_by="1" identifier="1">General Provisions</unit></structure><text>
						<section><p>As used in this chapter, unless the context requires a different meaning:
		&#x201C;<span class="dictionary">Certificate of limited partnership</span>&#x201D; means the certificate referred to in &#xA7;&#xA0;<a class="law" title="Certificate of limited partnership" href="/50-73.11/">50-73.11</a>, and the certificate as amended or restated.
		&#x201C;<span class="dictionary">Commission</span>&#x201D; means the <span class="dictionary">State</span> Corporation <span class="dictionary">Commission</span>.
		&#x201C;<span class="dictionary">Contribution</span>&#x201D; means 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 his capacity as a partner.
		&#x201C;Domestic,&#x201D; with respect to an entity, means an entity governed as to its internal affairs by the <span class="dictionary">organic law</span> of the Commonwealth.
		&#x201C;<span class="dictionary">Domestic business trust</span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-1201/">13.1-1201</a>.
		&#x201C;<span class="dictionary">Domestic corporation</span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-603/">13.1-603</a>.
		&#x201C;<span class="dictionary">Domestic limited liability company</span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-1002/">13.1-1002</a>.
		&#x201C;<span class="dictionary">Domestic nonstock corporation</span>&#x201D; has the same meaning as &#x201C;<span class="dictionary">domestic corporation</span>&#x201D; as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-803/">13.1-803</a>.
		&#x201C;<span class="dictionary">Domestic partnership</span>&#x201D; means an association of two or more <span class="dictionary">persons</span> to carry on as co-owners a business for profit formed under &#xA7;&#xA0;<a class="law" title="Formation of partnership" href="/50-73.88/">50-73.88</a>, or predecessor law of the Commonwealth, and includes, for all purposes of the <span class="dictionary">laws</span> of the Commonwealth, a <span class="dictionary">registered limited liability partnership</span>.
		&#x201C;Effective date,&#x201D; when referring to a document for which effectiveness is contingent upon the filing with or issuance of a certificate by the <span class="dictionary">Commission</span>, means the time and date determined in accordance with subsection C of &#xA7;&#xA0;<a class="law" title="Filing; fees; effective time and date" href="/50-73.17/">50-73.17</a>.
		&#x201C;Entity&#x201D; includes any domestic or <span class="dictionary">foreign limited partnership</span> or <span class="dictionary">other business entity</span>, any estate or trust, and any <span class="dictionary">state</span>, the United <span class="dictionary">States</span>, and any foreign government.
		&#x201C;<span class="dictionary">Event of withdrawal of a general partner</span>&#x201D; means an event that causes a <span class="dictionary">person</span> to cease to be a general partner as provided in &#xA7;&#xA0;<a class="law" title="Events of withdrawal" href="/50-73.28/">50-73.28</a>.
		&#x201C;Foreign,&#x201D; with respect to an entity, means an entity governed as to its internal affairs by the <span class="dictionary">organic law</span> of a jurisdiction other than the Commonwealth.
		&#x201C;<span class="dictionary">Foreign business trust</span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-1201/">13.1-1201</a>.
		&#x201C;<span class="dictionary">Foreign corporation</span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-603/">13.1-603</a>.
		&#x201C;<span class="dictionary">Foreign limited liability company</span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-1002/">13.1-1002</a>.
		&#x201C;<span class="dictionary">Foreign limited partnership</span>&#x201D; means a partnership formed under the <span class="dictionary">laws</span> of any <span class="dictionary">state</span> or jurisdiction other than the Commonwealth and having as partners one or more <span class="dictionary">general partners</span> and one or more <span class="dictionary">limited partners</span>.
		&#x201C;<span class="dictionary">Foreign partnership</span>&#x201D; means an association of two or more <span class="dictionary">persons</span> to carry on as co-owners of a business for profit formed under the <span class="dictionary">laws</span> of any <span class="dictionary">state</span> or jurisdiction other than the Commonwealth, and includes, for all purposes of the <span class="dictionary">laws</span> of the Commonwealth, a <span class="dictionary">foreign <span class="dictionary">registered limited liability partnership</span></span>.
		&#x201C;<span class="dictionary">Foreign <span class="dictionary">registered limited liability partnership</span></span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/50-73.79/">50-73.79</a>.
		&#x201C;General partner&#x201D; means a <span class="dictionary">person</span> who has been admitted to a limited partnership as a general partner in accordance with the <span class="dictionary">partnership agreement</span> and named in the <span class="dictionary">certificate of limited partnership</span> as a general partner.
		&#x201C;<span class="dictionary">Jurisdiction of formation</span>&#x201D; means the <span class="dictionary">state</span> or country the law of which includes the <span class="dictionary">organic law</span> governing a domestic or <span class="dictionary">foreign limited partnership</span> or <span class="dictionary">other business entity</span>.
		&#x201C;<span class="dictionary">Limited partner</span>&#x201D; means a <span class="dictionary">person</span> who has been admitted to a limited partnership as a <span class="dictionary">limited partner</span> in accordance with the <span class="dictionary">partnership agreement</span>.
		&#x201C;Limited partnership&#x201D; and &#x201C;<span class="dictionary">domestic limited partnership</span>&#x201D; mean a partnership formed by two or more <span class="dictionary">persons</span> under the <span class="dictionary">laws</span> of the Commonwealth and having one or more <span class="dictionary">general partners</span> and one or more <span class="dictionary">limited partners</span>.
		&#x201C;<span class="dictionary">Liquidating trustee</span>&#x201D; means a <span class="dictionary">person</span>, other than a general partner, but including a <span class="dictionary">limited partner</span>, who carries out the winding up of a limited partnership as provided in this chapter.
		&#x201C;<span class="dictionary">Organic law</span>&#x201D; means the <span class="dictionary">statute</span> governing the internal affairs of a domestic or <span class="dictionary">foreign limited partnership</span> or eligible entity.
		&#x201C;<span class="dictionary">Other business entity</span>&#x201D; means a domestic or foreign stock corporation, nonstock corporation, business trust, limited liability company, or partnership.
		&#x201C;Partner&#x201D; means a limited or general partner.
		&#x201C;<span class="dictionary">Partnership agreement</span>&#x201D; means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business.
		&#x201C;<span class="dictionary">Partnership interest</span>&#x201D; means a partner&#x2019;s share of the profits and losses of a limited partnership and the right to receive distributions of partnership <span class="dictionary">assets</span>.
		&#x201C;<span class="dictionary">Person</span>&#x201D; means an individual, partnership, limited partnership (domestic or foreign), trust, estate, association, corporation, or any other legal or commercial entity.
		&#x201C;<span class="dictionary">Principal office</span>&#x201D; means the office, in or out of the Commonwealth, where the principal executive offices of a domestic or <span class="dictionary">foreign limited partnership</span> are located. Any reference to a specified office contained in the records of the <span class="dictionary">Commission</span> as of July 1, 2010, shall be deemed, in all instances, to be a reference to the <span class="dictionary">principal office</span> of a domestic or <span class="dictionary">foreign limited partnership</span>.
		&#x201C;<span class="dictionary">Protected series</span>&#x201D; has the same meaning as specified in &#xA7;&#xA0;<a class="law" title="Definitions" href="/13.1-1002/">13.1-1002</a>.
		&#x201C;<span class="dictionary">Registered limited liability partnership</span>&#x201D; means a limited partnership or general partnership formed under the <span class="dictionary">laws</span> of the Commonwealth that is registered under &#xA7;&#xA0;<a class="law" title="Registered limited liability partnerships" href="/50-73.132/">50-73.132</a>.
		&#x201C;<span class="dictionary">State</span>&#x201D; means a <span class="dictionary">state</span>, territory, or <span class="dictionary">possession</span> of the United <span class="dictionary">States</span>, the District of Columbia, or the Commonwealth of Puerto Rico.</p></section></text><history>1985, c. 607; 1987, c. 702; 1990, c. 343; 1992, c. 575; 1997, c. 190; 2003, c. 340; 2007, c. 631; 2010, c. 675; 2021, Sp. Sess. I, c. 487.</history><metadata></metadata></law>
