South Dakota § 48-7A-101 - Definitions.

§ 48-7A-101. Definitions.

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.

Source: SL 2001, ch 249, § 101.