48-7-101 Definitions.
48-7-101.
Definitions.
Terms used in this chapter mean:
(1)
"Certificate of limited partnership," the certificate referred to in § 48-7-201, and the
certificate as amended or restated;
(2)
"Contribution," 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 the partner's capacity as a partner;
(3)
"Event of withdrawal of a general partner," an event that causes a person to cease to be
a general partner as provided in § 48-7-402;
(4)
"Foreign limited partnership," a partnership formed under the laws of any state other than
South Dakota and having as partners one or more general partners and one or more
limited partners;
(5)
"General partner," a person who has been admitted to a limited partnership as a general
partner in accordance with the partnership agreement and named in the certificate of
limited partnership as a general partner;
(6)
"Limited partner," a person who has been admitted to a limited partnership as a limited
partner in accordance with the partnership agreement;
(7)
"Limited partnership" and "domestic limited partnership," a partnership formed by two
or more persons under the laws of South Dakota and having one or more general partners
and one or more limited partners;
(8)
"Partner," a limited or general partner;
(9)
"Partnership agreement," any valid agreement written or oral, of the partners as to the
affairs of a limited partnership and the conduct of its business;
(10)
"Partnership interest," a partner's share of the profits and losses of a limited partnership
and the right to receive distributions of partnership assets;
(11)
"Person," a natural person, partnership, limited partnership (domestic or foreign), trust,
estate, association, limited liability company (domestic or foreign), or corporation;
(12)
"State," a state, territory, or possession of the United States, the District of Columbia, or
the Commonwealth of Puerto Rico.
Source: SL 1986, ch 391, § 101; SL 1994, ch 351, § 131.