Definitions

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  • As used in this chapter, unless the context clearly requires otherwise:
    • (1) “Business” includes every trade, occupation, and profession.

    • (2) “Debtor in bankruptcy” means a person who is the subject of:

      • (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

      • (ii) a comparable order under federal, state, territorial 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:

      • (i) is formed under laws other than the laws of the Virgin Islands; and

      • (ii) 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 section 221 of this chapter and does not have a similar statement in effect in any other jurisdiction.

    • (6) “Partnership” means an association of two or more persons to carry on as co-owners a business for profit formed under section 22 of this chapter, 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, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

    • (11) “Property” means all property, real, personal, or mixed, tangible or intangible, or any interest therein.

    • (12) “State” means the Virgin Islands, 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.

    • (13) “Statement” means a statement of partnership authority under section 43 of this chapter, a statement of denial under section 44 of this chapter, a statement of dissociation under section 144 of this chapter, a statement of dissolution under section 175 of this chapter, a statement of merger under section 197 of this chapter, a statement of qualification under section 221 of this chapter, a statement of foreign qualification under section 242 of this chapter, or an amendment or cancellation of any of the foregoing.

    • (14) “Transfer” includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.


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