                                 CODE OF VIRGINIA

DEFINITIONS (§ 50-73.79)

In this chapter:
		&#8220;Business&#8221; includes every trade, occupation, and profession.
		&#8220;Commission&#8221; means the State Corporation Commission of Virginia.
		&#8220;Debtor in bankruptcy&#8221; 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.
   				&#8220;Distribution&#8221; means a transfer of money or other property
   from a partnership to a partner in the partner&#8217;s capacity as a partner
   or to the partner&#8217;s transferee.
   				&#8220;Foreign registered limited liability partnership&#8221; means a
   limited liability partnership or registered limited liability partnership, or
   the functional equivalent thereof, formed pursuant to an agreement governed by
   the laws of any state or jurisdiction other than this Commonwealth and
   registered as a limited liability partnership under the laws of that state or
   jurisdiction.
   				&#8220;Partnership&#8221; means an association of two or more persons to
   carry on as co-owners a business for profit formed under &#xA7; 50-73.88,
   predecessor law, or comparable law of another jurisdiction, and includes, for
   all purposes of the laws of this Commonwealth, a registered limited liability
   partnership.
   				&#8220;Partnership agreement&#8221; means the agreement, whether written,
   oral, or implied, among the partners concerning the partnership, including
   amendments to the partnership agreement.
   				&#8220;Partnership at will&#8221; 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.
   				&#8220;Partnership interest&#8221; or &#8220;partner&#8217;s interest in
   the partnership&#8221; means all of a partner&#8217;s interests in the
   partnership, including the partner&#8217;s transferable interest and all
   management and other rights.
   				&#8220;Person&#8221; 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.
   				&#8220;Principal office&#8221; means the office, in or out of the
   Commonwealth, where the chief executive offices of a domestic or foreign
   partnership or registered limited liability partnership are located.
   				&#8220;Property&#8221; means all property, real, personal, or mixed,
   tangible or intangible, or any interest therein.
   				&#8220;Registered limited liability partnership&#8221; means a partnership
   formed pursuant to an agreement governed by the laws of this Commonwealth and
   registered under &#xA7; 50-73.132.
   				&#8220;State&#8221; 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.
   				&#8220;Statement&#8221; means a statement of partnership authority under
   &#xA7; 50-73.93, a statement of denial under &#xA7; 50-73.94, a statement of
   dissociation under &#xA7; 50-73.115, a statement of dissolution under &#xA7;
   50-73.121, a statement of merger under &#xA7; 50-73.131, a statement of
   registration as a registered limited liability partnership under &#xA7;
   50-73.132, a statement of registration as a foreign registered limited
   liability partnership under &#xA7; 50-73.138, an amendment or cancellation of
   any of the foregoing or a renewal of a statement of partnership authority.
   				&#8220;Transfer&#8221; includes an assignment, conveyance, lease,
   mortgage, deed, and encumbrance.

HISTORY: 1996, c. 292; 2003, c. 567; 2006, c. 912; 2007, c. 631.