Arkansas Code Title 4. Business and Commercial Law § 4-32-102. Definitions

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

As used in this chapter, unless the context otherwise requires:

(1) “Articles of organization” means articles filed under § 4-32-201 , and those articles as amended and restated;

(2) “Corporation” means a corporation formed under the laws of any state or foreign country, including professional corporations or associations;

(3) “Court” includes every court having jurisdiction in the case;

(4) “Event of dissociation” means an event that causes a person to cease to be a member as provided in § 4-32-802 ;

(5) “Foreign limited liability company” means an organization that is:

(A) An unincorporated association;

(B) Organized under laws of a state other than the laws of this state, or under the laws of any foreign country;

(C) Organized under a statute pursuant to which an association may be formed that affords to each of its members limited liability with respect to the liabilities of the entity;  and

(D) Not required to be registered or organized under any statute of this state other than this chapter;

(6) “Limited liability company” or “domestic limited liability company” means an organization formed under this chapter;

(7) “Limited liability company interest” or “interest in the limited liability company” means the interest that can be assigned under § 4-32-704 and charged under § 4-32-705 ;

(8) “Limited partnership” means a limited partnership formed under the laws of any state or foreign country;

(9) “Manager” or “managers” means, with respect to a limited liability company that has set forth in its articles of organization that it is to be managed by managers, the person or persons designated in accordance with § 4-32-401 ;

(10) “Member” or “members” means a person or persons who have been admitted to membership in a limited liability company as provided in § 4-32-801 and who have not ceased to be members as provided in § 4-32-802 ;

(11) “Operating agreement” means the written agreement which shall be entered into among all of the members as to the conduct of the business and affairs of a limited liability company;

(12)(A) “Person” means an individual, a general partnership, a limited partnership, a domestic or foreign limited liability company, a trust, an estate, an association, a corporation, a custodian, a nominee and other individual entity in its own or representative capacity, or any other legal entity.

(B) “Person” includes a protected series;

(13) “Professional service” means any type of professional service which may be legally performed only pursuant to a license or other legally mandated personal authorization.  For example:  the personal service rendered by certified public accountants, architects, engineers, dentists, doctors, and attorneys at law;  and

(14) “State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.

Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-32-102. Definitions - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-32-102.html


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard