<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 48-7A-101 - Definitions. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069806Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069806SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069806CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069806Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069806DefaultParagraphFont { 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font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069806Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7A-101"><span class="s2069806SENU">48-7A-101</span></a><span xml:space="preserve" class="s2069806SENU">. </span><span class="s2069806CL">Definitions.</span></p><p dir="ltr" class="s2069806Normal-000000"><span class="s2069806DefaultParagraphFont">In this chapter:</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(1)    "Business" includes every trade, occupation, and profession;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(2)    "Debtor in bankruptcy" means a person who is the subject of:</span></p><p dir="ltr" class="s2069806Normal-000002"><span class="s2069806DefaultParagraphFont">(i)    An order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or</span></p><p dir="ltr" class="s2069806Normal-000002"><span class="s2069806DefaultParagraphFont">(ii)    A comparable order under federal, state, or foreign law governing insolvency;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(4)    "Foreign limited liability partnership" means a partnership that:</span></p><p dir="ltr" class="s2069806Normal-000002"><span class="s2069806DefaultParagraphFont">(i)    Is formed under laws other than the laws of this state; and</span></p><p dir="ltr" class="s2069806Normal-000002"><span class="s2069806DefaultParagraphFont">(ii)    Has the status of a limited liability partnership under those laws;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(5)    "Limited liability partnership" means a partnership that has filed a statement of qualification under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">1001 and does not have a similar statement in effect in any other jurisdiction;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(6)    "Partnership" means an association of two or more persons to carry on as co</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">owners a business for profit formed under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">202, predecessor law, or comparable law of another jurisdiction;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(7)    "Partnership agreement" means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(10)    "Person" means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(11)    "Property" means all property, real, personal, or mixed, tangible or intangible, or any interest therein;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(12)    "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;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(13)    "Statement" means a statement of partnership authority under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">303, a statement of denial under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">304, a statement of dissociation under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">704, a statement of dissolution under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">805, a statement of merger under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">907, a statement of qualification under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">1001, a statement of foreign qualification under § 48</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">7A</span><span class="s2069806DefaultParagraphFont-000003">-</span><span class="s2069806DefaultParagraphFont">1102, or an amendment or cancellation of any of the foregoing;</span></p><p dir="ltr" class="s2069806Normal-000001"><span class="s2069806DefaultParagraphFont">(14)    "Transfer" includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.</span></p><p dir="ltr" class="s2069806Normal"><span xml:space="preserve" class="s2069806000004"> </span></p><p dir="ltr" class="s2069806Normal"><span class="s2069806SCL">Source:</span><span xml:space="preserve" class="s2069806SCL-000005"> SL 2001, ch 249, § 101.</span></p></div></body></html>