48-1-3 - "Partnership" defined.
48-1-3. "Partnership" defined.
(1) (a) Except as provided in Subsection (2), a partnership is an association of two ormore persons to carry on as coowners a business for profit.
(b) "Partnership" when used in a statute of the state, includes a limited liabilitypartnership registered under Section 48-1-42, unless the context requires otherwise.
(2) An association formed under any other statute of this state, or any statute adopted byauthority other than the authority of this state, is not a partnership under this chapter, unless suchassociation would have been a partnership in this state prior to the adoption of this chapter.
(3) This chapter shall apply to limited partnerships except in so far as the statutes relatingto such partnerships are inconsistent herewith.
Amended by Chapter 61, 1994 General Session