61-1-101 - Chapter definitions.
61-1-101. Chapter definitions.
As used in this chapter:
(1) Business means every trade, occupation, and profession and any other activity, including the holding or ownership of property, entered into for profit;
(2) Debtor in bankruptcy means a person who is the subject of:
(A) An order for relief under title 11 of the United States Code or a comparable order under a successor statute of general application; or
(B) A comparable order under federal, state, or foreign law governing insolvency;
(3) Distribution means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee;
(4) Foreign limited liability partnership means a partnership that:
(A) Is formed under laws of any jurisdiction other than the state of Tennessee; and
(B) Has the status of a limited liability partnership under those laws;
(5) Limited liability partnership means a partnership that has filed a statement of qualification under title 61, chapter 2, part 2, and does not have a similar statement in effect in any other jurisdiction;
(6) Partnership means an association of two (2) or more persons to carry on as co-owners of a business or other undertaking for profit formed under § 61-1-202, predecessor law, or comparable law of another jurisdiction.
(7) Partnership agreement means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.
(8) Partnership at will means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.
(9) Partnership interest or partner's interest in the partnership means all of a partner's interests in the partnership, including the partner's transferable interest and all management and other rights.
(10) Person means an individual, corporation, limited liability company, business trust, estate, trust, partnership (whether general or limited), association, joint venture, government, governmental subdivision, agency, or instrumentality, custodian, nominee or any other individual or entity in its own or any representative capacity, or any other legal or commercial entity.
(11) Property means all property, real, personal, or mixed, tangible or intangible, or any interest therein.
(12) Secretary of state means the secretary of state of Tennessee.
(13) State means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States.
(14) Statement means a statement of partnership authority under § 61-1-303, a statement of denial under § 61-1-304, a statement of dissociation under § 61-1-704, a statement of dissolution under § 61-1-805, a statement of merger under § 61-1-907, or an amendment or cancellation of any of the foregoing.
(15) Transfer means an assignment, conveyance, lease, mortgage, deed, and encumbrance.
[Acts 2001, ch. 353.]