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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) In this chapter:
(1) “Certificate of limited partnership” means the certificate required by section 30-24-201, Idaho Code. The term includes the certificate as amended or restated.
(2) “Contribution,” except in the phrase “right of contribution,” means property or a benefit described in section 30-24-501, Idaho Code, which is provided by a person to a limited partnership to become a partner or in the person's capacity as a partner.
(3) “Distribution” means a transfer of money or other property from a limited partnership to a person on account of a transferable interest or in the person's capacity as a partner. The term:
(A) Includes:
(i) A redemption or other purchase by a limited partnership of a transferable interest; and
(ii) A transfer to a partner in return for the partner's relinquishment of any right to participate as a partner in the management or conduct of the partnership's activities and affairs or to have access to records or other information concerning the partnership's activities and affairs; and
(B) Does not include amounts constituting reasonable compensation for present or past service or payments made in the ordinary course of business under a bona fide retirement plan or other bona fide benefits program.
(4) “General partner” means a person that:
(A) Has become a general partner under section 30-24-401, Idaho Code, or was a general partner in a partnership when the partnership became subject to this chapter under section 30-24-112, Idaho Code; and
(B) Has not dissociated as a general partner under section 30-24-603, Idaho Code.
(5) “Limited liability limited partnership” means a limited partnership whose certificate of limited partnership states that the partnership is a limited liability limited partnership.
(6) “Limited partner” means a person that:
(A) Has become a limited partner under section 30-24-301, Idaho Code, or was a limited partner in a limited partnership when the partnership became subject to this chapter under section 30-24-112, Idaho Code; and
(B) Has not dissociated under section 30-24-601, Idaho Code.
(7) “Limited partnership” means an entity formed under this chapter or that becomes subject to this chapter under chapter 22, title 30, Idaho Code, or section 30-24-112, Idaho Code. The term includes a limited liability limited partnership.
(8) “Partner” means a limited partner or general partner.
(9) “Partnership agreement” means the agreement, whether or not referred to as a partnership agreement and whether oral, implied, in a record, or in any combination thereof, of all the partners of a limited partnership concerning the matters described in section 30-24-105(a), Idaho Code. The term includes the agreement as amended or restated.
(10) “Required information” means the information that a limited partnership is required to maintain under section 30-24-108, Idaho Code.
(11) “Transferable interest” means the right, as initially owned by a person in the person's capacity as a partner, to receive distributions from a limited partnership, whether or not the person remains a partner or continues to own any part of the right. The term applies to any fraction of the interest, by whomever owned.
(12) “Transferee” means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. The term includes a person that owns a transferable interest under section 30-24-602(a)(3) or 30-24-605(a)(4), Idaho Code.
(b) The following definitions outside this chapter apply to this chapter:
(1) “Debtor in bankruptcy”--section 30-21-102(7), Idaho Code.
(2) “Foreign”--section 30-21-102(15), Idaho Code.
(3) “Jurisdiction”--section 30-21-102(22), Idaho Code.
(4) “Jurisdiction of formation”--section 30-21-102(23), Idaho Code.
(5) “Person”--section 30-21-102(35), Idaho Code.
(6) “Principal office”--section 30-21-102(36), Idaho Code.
(7) “Property”--section 30-21-102(41), Idaho Code.
(8) “Record”--section 30-21-102(44), Idaho Code.
(9) “Registered agent”--section 30-21-102(45), Idaho Code.
(10) “Sign”--section 30-21-102(47), Idaho Code.
(11) “State”--section 30-21-102(48), Idaho Code.
(12) “Transfer”--section 30-21-102(50), Idaho Code.
Cite this article: FindLaw.com - Idaho Statutes Title 30. Corporations § 30-24-102. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/id/title-30-corporations/id-st-sect-30-24-102/
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.
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