Oregon Statutes 63.002 – Inclusion of limited liability companies and managers and members of limited liability companies in definitions
Unless the context otherwise requires, throughout Oregon Revised Statutes:
Terms Used In Oregon Statutes 63.002
- 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.
- 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) Wherever the term ‘person’ is defined to include both a corporation and a partnership, the term ‘person’ shall also include a limited liability company.
(2) Wherever a section of Oregon Revised Statutes applies to both ‘partners’ and ‘directors,’ the section shall also apply:
(a) In a limited liability company with one or more managers, to the managers of the limited liability company.
(b) In a limited liability company without managers, to the members of the limited liability company.
(3) Wherever a section of Oregon Revised Statutes applies to both ‘partners’ and ‘shareholders,’ the section shall also apply to members of a limited liability company. [1995 c.93 § 25]
(Filing Documents)