Massachusetts General Laws ch. 109 sec. 1 – Definitions
Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
Terms Used In Massachusetts General Laws ch. 109 sec. 1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) ”Certificate of limited partnership”, the certificate referred to in section eight, 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 his 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 section twenty-three.
(4) ”Foreign limited partnership”, a partnership formed under the laws of any state other than the commonwealth 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 the commonwealth 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, or corporation.
(12) ”State”, a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.