Ky. Rev. Stat. § 362.401

Current through 2024 Ky. Acts ch. 225

Section 362.401 - Definitions

As used in KRS 362.403 to 362.525, unless the context otherwise requires, the term:

(1) "Certificate of limited partnership" means the certificate referred to in KRS 362.415, or the certificate of limited partnership as amended or restated;

(2) "Business entity" means a domestic or foreign limited liability company, corporation, partnership, limited partnership, business or statutory trust and not-for-profit unincorporated association;

(3) "Contribution" means any cash, property, services rendered, or a promissory note or other obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in his capacity as a partner;

(4) "Event of withdrawal of a general partner" means an event that causes a person to cease to be a general partner as provided in KRS 362.445;

(5) "Foreign limited partnership" means a limited partnership formed under the laws of any state other than this state and having as partners one (1) or more general partners and one (1) or more limited partners;

(6) "General partner" means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and is named in the certificate of limited partnership as a general partner;

(7) "Limited partner" means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement;

(8) "Limited partnership" or "domestic limited partnership" means a partnership formed by two (2) or more persons under the laws of this state and having one (1) or more general partners and one (1) or more limited partners;

(9) "Name of record with the Secretary of State" means any real, fictitious, reserved, registered, or assumed name of a business entity;

(10) "Partner" means a limited partner or general partner;

(11) "Partnership agreement" means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business;

(12) "Partnership interest" means a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets;

(13) "Person" means a natural person; trust; estate; or business entity;

(14) "Real name" shall have the meaning set forth in KRS 365.015; and

(15) "State" means a state, territory, or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico.

KRS 362.401

Effective:7/15/2010
Repealed and reenacted 2010, Ky. Acts ch. 51, sec. 142, effective7/15/2010. -- Repeal the prior repeal contained in 2006, Ky. Acts ch. 149, sec. 239, which was to have been effective 1/1/2008, 2007, Ky. Acts ch. 137, sec. 180, effective 6/26/2007; and amend ch. 137, sec. 142, effective 6/26/2007. --Repealed 2006, Ky. Acts ch. 149, sec. 239, effective 1/1/2008. -- Created 1988 Ky. Acts ch. 284, sec. 1, effective 7/15/1988.