Missouri Laws 347.015 – Definitions
As used in sections 347.010 to 347.187, the following terms mean:
(1) “Articles of organization”, the articles referred to in section 347.039, filed with the secretary for the purpose of forming a limited liability company, as the same may be amended or restated from time to time as provided in sections 347.010 to 347.187;
Terms Used In Missouri Laws 347.015
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- United States: includes such district and territories. See Missouri Laws 1.020
(2) “Authorized person”, manager, or member, if management of the limited liability company is vested in the members;
(3) “Bankruptcy”, the entry of an order for relief by the court in a proceeding under the United States Bankruptcy Code, Title 11, U.S.C., as amended, or its equivalent under a state insolvency act or a similar law of other jurisdictions;
(4) “Business” includes every trade, occupation or profession;
(5) “Contribution”, cash, other property, the use of property, services rendered, a promissory note or other binding obligation to contribute cash or property or perform services or any other valuable consideration transferred by a person to the limited liability company as a prerequisite for membership in the limited liability company and any subsequent transfer to the limited liability company by a person in his capacity as a member;
(6) “Court” includes every court and judge having jurisdiction in the case;
(7) “Domestic limited liability company” or “limited liability company”, a limited liability company organized and existing under sections 347.010 to 347.187;
(8) “Event of withdrawal”, an event that causes a person to cease to be a member as provided in section 347.123;
(9) “Foreign limited liability company”, a limited liability company formed under the laws of any jurisdiction other than the state of Missouri;
(10) “Manager”, with respect to a limited liability company whose articles of organization state that management of the limited liability company is vested in one or more managers, the person or persons designated, appointed or elected as such in the manner provided in subsection 2 of section 347.079;
(11) “Member”, any person that signs in person or by an attorney in fact, or otherwise is a party to the operating agreement at the time the limited liability company is formed and is identified as a member in that operating agreement and any person who is subsequently admitted as a member in a limited liability company in accordance with sections 347.010 to 347.187 and the operating agreement, until such time as an event of withdrawal occurs with respect to such person;
(12) “Member’s interest”, a member’s share of the profits and losses of a limited liability company and the right to receive distributions of limited liability company assets;
(13) “Operating agreement”, any valid agreement or agreements, written or oral, among all members, or written declaration by the sole member concerning the conduct of the business and affairs of the limited liability company and the relative rights, duties and obligations of the members and managers, if any;
(14) “Organizer”, any of the signers of the articles of organization;
(15) “Person” includes individuals, partnerships, domestic or foreign limited partnerships, domestic or foreign limited liability companies, domestic or foreign corporations, trusts, business trusts, employee stock ownership trusts, real estate investment trusts, estates, associations, and other business or not-for-profit entities;
(16) “Real property” includes land, any interest, leasehold or estate in land and any improvements thereon;
(17) “Secretary”, the secretary of state for the state of Missouri and its delegates responsible for the administration of sections 347.010 to 347.187;
(18) “Surviving entity”, the surviving or resulting person pursuant to a merger or consolidation in which one or more domestic limited liability companies are parties.