Vermont Statutes Title 11 Sec. 3242
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Terms Used In Vermont Statutes Title 11 Sec. 3242
- 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: means an association of two or more persons to carry on as co-owners a business for profit formed under section 3212 of this title, predecessor law, or comparable law of another jurisdiction and includes for all purposes of the laws of this State a limited liability partnership. See
- Personal property: All property that is not real property.
§ 3242. Partner’s transferable interest in partnership
The only transferable interest of a partner in the partnership is the partner’s share of the profits and losses of the partnership and the partner’s right to receive distributions. The interest is personal property. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)