Alaska Statutes 10.50.990 – Definitions

In this chapter, unless the context indicates otherwise,

(1) “articles of organization” means the articles of organization filed under AS 10.50.070 and the articles as amended or restated;

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Terms Used In Alaska Statutes 10.50.990

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.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
Statute: A law passed by a legislature.

(2) “commissioner” means the commissioner of commerce, community, and economic development;

(3) “consolidation” means a consolidation authorized by AS 10.50.500;

(4) “corporation” means a corporation organized under the laws of this or another state, or of this or another country;

(5) “department” means the Department of Commerce, Community, and Economic Development;

(6) “filed,” unless expressly provided otherwise, means filed with the department;

(7) “foreign limited liability company” means an organization that is

(A) not incorporated;

(B) organized under the law of a state other than this state, or under the law of a foreign country;

(C) organized under a statute that affords to each of its members limited liability regarding the liabilities of the organization; and

(D) not required to be registered under a statute of this state other than this chapter;

(8) “interim distribution” means a distribution of the assets of a limited liability company to the company’s members, except as provided under Alaska Stat. § 10.50.425;

(9) “know” means to have actual knowledge or to know other facts that demonstrate bad faith in the circumstances; this definition applies also to the derivatives of “know,” including “known,” “unknown,” and “knowledge”;

(10) “limited liability company” or “domestic limited liability company” means an organization organized under this chapter;

(11) “limited liability company interest” means an interest in a limited liability company issued under Alaska Stat. § 10.50.275;

(12) “limited partnership” means a limited partnership organized under Alaska Stat. Chapter 32.11 or under the law of another state or a foreign country;

(13) “manager” means a person who manages a limited liability company, if the articles of organization provide that the company is managed by a manager;

(14) “managing member” means a member of a limited liability company if the company’s articles of organization do not provide that the company is managed by a manager;

(15) “member” means a person who has been admitted to membership in a limited liability company under Alaska Stat. § 10.50.155 – 10.50.160 and whose membership has not ended under Alaska Stat. § 10.50.180 – 10.50.185 or 10.50.205 – 10.50.225;

(16) “merger” means a merger authorized by AS 10.50.500;

(17) “operating agreement” means a written agreement among all of the members of a limited liability company about conducting the affairs of the company;

(18) “professional service” has the meaning given in Alaska Stat. § 10.45.500;

(19) “property” includes cash;

(20) “state” means a state, territory, or possession of the United States, and includes the District of Columbia, the Commonwealth of Puerto Rico, the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, and the Trust Territory of the Pacific Islands.

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