Statutes > Wisconsin Statutes > Chapter 179. Uniform limited partnership act. > 179.01 Definitions.

179.01 Definitions.

179.01

SUBCHAPTER I
GENERAL PROVISIONS
179.01 Definitions. In this chapter:

179.01(1)

(1) "Certificate of limited partnership" means the certificate under s. 179.11, as amended under s. 179.12 or restated under s. 179.185.

179.01(2)

(2) "Contribution" means any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in his or her capacity as a partner.

179.01(2m)

(2m) "Department" means the department of financial institutions.

179.01(3)

(3) "Event of withdrawal of a general partner" means an event that causes a person to cease to be a general partner under s. 179.32.

179.01(4)

(4) "Foreign limited partnership" means a partnership formed under the laws of any state other than this state and having as partners one or more general partners and one or more limited partners.

179.01(5)

(5) "General partner" means a person who has been admitted to a limited partnership as a general partner under the partnership agreement and named in the certificate of limited partnership as a general partner.

179.01(6)

(6) "Limited partner" means a person who has been admitted to a limited partnership as a limited partner under the partnership agreement.

179.01(7)

(7) "Limited partnership" and "domestic limited partnership" mean a partnership formed by 2 or more persons under this chapter and having one or more general partners and one or more limited partners.

179.01(8)

(8) "Partner" means a limited or general partner, and includes a personal representative or trustee to the extent authorized by the governing instrument or court order.

179.01(9)

(9) "Partnership agreement" means any valid agreement of the partners as to the affairs of a limited partnership and the conduct of its business.

179.01(10)

(10) "Partnership interest" means a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets.

179.01 - ANNOT.

History: 1983 a. 173; 1989 a. 232; 1995 a. 27.