Kentucky Statutes 362.401 – Definitions
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As used in KRS § 362.403 to KRS § 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.
Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 142, effective July 15,
2010. — Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180, effective June 26, 2007; and amend ch. 137, sec. 142, effective June 26, 2007. — Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Created 1988
Ky. Acts ch. 284, sec. 1, effective July 15, 1988.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183,
provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”
Legislative Research Commission Note (6/26/2007). 2007 Ky. Acts ch. 137, sec. 142, subsection (14) cited “Section 164 of this Act.” It is apparent from context that the section referred to should have been Section 163 of the Act, KRS § 365.015. The Reviser of Statutes has made this change under the authority of KRS § 7.136.
(1) “Certificate of limited partnership” means the certificate referred to in KRS
Terms Used In Kentucky Statutes 362.401
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- 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.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
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.
Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 142, effective July 15,
2010. — Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180, effective June 26, 2007; and amend ch. 137, sec. 142, effective June 26, 2007. — Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Created 1988
Ky. Acts ch. 284, sec. 1, effective July 15, 1988.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183,
provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”
Legislative Research Commission Note (6/26/2007). 2007 Ky. Acts ch. 137, sec. 142, subsection (14) cited “Section 164 of this Act.” It is apparent from context that the section referred to should have been Section 163 of the Act, KRS § 365.015. The Reviser of Statutes has made this change under the authority of KRS § 7.136.