South Dakota Codified Laws
Chapter 07A - Uniform Partnership Act
Section 48-7A-101 - Definitions.

48-7A-101. Definitions.
In this chapter:
(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, 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 this state; 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 §48-7A-1001 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 §48-7A-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, 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 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 §48-7A-303, a statement of denial under §48-7A-304, a statement of dissociation under §48-7A-704, a statement of dissolution under §48-7A-805, a statement of merger under §48-7A-907, a statement of qualification under §48-7A-1001, a statement of foreign qualification under §48-7A-1102, or an amendment or cancellation of any of the foregoing;
(14)"Transfer" includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.

Source: SL 2001, ch 249, §101.

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