Washington Code 25.15.411 – Definitions
Current as of: 2023 | Check for updates
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Terms Used In Washington Code 25.15.411
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Statute: A law passed by a legislature.
(1) “Constituent limited liability company” means a limited liability company that is a party to a merger.
(2) “Constituent organization” means an organization that is party to a merger.
(3) “Converted organization” means the organization into which a converting organization converts under RCW 25.15.436 through 25.15.451.
(4) “Converting limited liability company” means a converting organization that is a limited liability company.
(5) “Converting organization” means an organization that converts into another organization pursuant to RCW 25.15.436.
(6) “Governing statute” of an organization means the statute that governs the organization’s internal affairs.
(7) “Organization” means a general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership; limited liability company; business trust; corporation; or any other person having a governing statute. The term includes domestic and foreign organizations whether or not formed for profit.
(8) “Organizational documents” means:
(a) For a domestic or foreign general partnership, its partnership agreement;
(b) For a limited partnership or foreign limited partnership, its certificate of limited partnership and partnership agreement;
(c) For a domestic or foreign limited liability company, its certificate of formation and limited liability company agreement, or comparable records as provided in its governing statute;
(d) For a business trust, its agreement of trust and declaration of trust;
(e) For a domestic or foreign corporation for profit, its articles of incorporation, bylaws, and other agreements among its shareholders which are authorized by its governing statute, or comparable records as provided in its governing statute; and
(f) For any other organization, the basic records that create the organization and determine its internal governance and the relations among the persons that own it, have an interest in it, or are members of it.
(9) “Personal liability” means personal liability for a debt, liability, or other obligation of an organization which is imposed on a person that co-owns, has an interest in, or is a member of the organization:
(a) By the organization’s governing statute solely by reason of the person co-owning, having an interest in, or being a member of the organization; or
(b) By the organization’s organizational documents under a provision of the organization’s governing statute authorizing those documents to make one or more specified persons liable for all or specified debts, liabilities, and other obligations of the organization solely by reason of the person or persons co-owning, having an interest in, or being a member of the organization.
(10) “Surviving organization” means an organization into which one or more other organizations are merged.
[ 2015 c 188 § 79.]