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18-2001.


18-2001.
   
   As used in this act, unless the context otherwise requires:
   
   1. "Articles of organization" means documents filed under Section 2019
   of this title for the purpose of forming a limited liability company;
   
   2. "Bankrupt" means bankrupt under the United States Bankruptcy Code,
   as amended, or insolvent under any state insolvency act;
   
   3. "Business" means any trade, occupation, profession or other
   activity regardless of whether engaged in for gain, profit or
   livelihood;
   
   4. "Capital contribution" means anything of value that a person
   contributes to the limited liability company as a prerequisite for, or
   in connection with, membership, including cash, property, services
   rendered, or a promissory note or other binding obligation to
   contribute cash or property or to perform services;
   
   5. "Capital interest" means the fair market value as of the date
   contributed of a member's capital contribution as adjusted for any
   additional capital contributions or withdrawals;
   
   6. "Corporation" means a corporation formed under the laws of this
   state or a foreign corporation as defined in this section;
   
   7. "Court" includes every court and judge having jurisdiction in the
   case;
   
   8. "Foreign corporation" means a corporation formed under the laws of
   any state other than this state, or under the laws of the District of
   Columbia or any foreign country;
   
   9. "Foreign limited liability company" means an entity that is:
   
   a. an unincorporated association,
   
   b. organized under the laws of a state other than the laws of this
   state or organized under the laws of any foreign country,
   
   c. organized under a statute pursuant to which an association may be
   formed that affords to each of its members limited liability with
   respect to the liabilities of the entity, and
   
   d. not required to be registered or organized under any statute of
   this state other than this act;
   
   10. "Foreign limited partnership" means a limited partnership formed
   under the laws of any state other than this state, or under the laws
   of the District of Columbia or any foreign country;
   
   11. "Limited liability company" or "domestic limited liability
   company" means an entity that is an unincorporated association or
   proprietorship having one or more members that is organized and
   existing under the laws of this state;
   
   12. "Limited partnership" means a limited partnership formed under the
   laws of this state or a foreign limited partnership as defined in this
   section;
   
   13. "Manager" or "managers" means a person or persons designated by
   the members of a limited liability company to manage the limited
   liability company as provided in the articles of organization or an
   operating agreement;
   
   14. "Member" means a person with an ownership interest in a limited
   liability company, with the rights and obligations specified under
   this act;
   
   15. "Membership interest" or "interest" means a member's rights in the
   limited liability company, collectively, including the member's share
   of the profits and losses of the limited liability company, the right
   to receive distributions of the limited liability company's assets,
   and any right to vote or participate in management;
   
   16. "Operating agreement" means any agreement of the members as to the
   affairs of a limited liability company and the conduct of its
   business;
   
   17. "Person" means an individual, a general partnership, a limited
   partnership, a limited liability company, a trust, an estate, an
   association, a corporation or any other legal or commercial entity;
   and
   
   18. "State" means a state, territory or possession of the United
   States, the District of Columbia, or the Commonwealth of Puerto Rico.
   

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