Terms Used In Kentucky Statutes 362.2-303

• Contract: A legal written agreement that becomes binding when signed.
• Contribution: means any benefit provided by a person to a limited partnership in
  order to become a partner or in the person's capacity as a partner. See Kentucky Statutes 362.2-102
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Limited partner: means :
  (a) With respect to a limited partnership, a person that:
  1. See Kentucky Statutes 362.2-102
• 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.
• Partner: means a limited partner or general partner. See Kentucky Statutes 362.2-102
• 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.
• Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.