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Current as of January 01, 2025 | Updated by Findlaw Staff
As used in KRS 362.403 to 362.525, unless the context otherwise requires, the term:
(1) “Certificate of limited partnership” means the certificate referred to in KRS 362.415, or the certificate of limited partnership as amended or restated;
(2) “Business entity” means a domestic or foreign limited liability company, corporation, partnership, limited partnership, business or statutory trust and not-for-profit unincorporated association;
(3) “Contribution” means any cash, property, services rendered, or a promissory note or other obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in his capacity as a partner;
(4) “Event of withdrawal of a general partner” means an event that causes a person to cease to be a general partner as provided in KRS 362.445;
(5) “Foreign limited partnership” means a limited partnership formed under the laws of any state other than this state and having as partners one (1) or more general partners and one (1) or more limited partners;
(6) “General partner” means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and is named in the certificate of limited partnership as a general partner;
(7) “Limited partner” means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement;
(8) “Limited partnership” or “domestic limited partnership” means a partnership formed by two (2) or more persons under the laws of this state and having one (1) or more general partners and one (1) or more limited partners;
(9) “Name of record with the Secretary of State” means any real, fictitious, reserved, registered, or assumed name of a business entity;
(10) “Partner” means a limited partner or general partner;
(11) “Partnership agreement” means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business;
(12) “Partnership interest” means a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets;
(13) “Person” means a natural person; trust; estate; or business entity;
(14) “Real name” shall have the meaning set forth in KRS 365.015; and
(15) “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 - Kentucky Revised Statutes Title XXIX. Commerce and Trade § 362.401.Definitions - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxix-commerce-and-trade/ky-rev-st-sect-362-401/
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 before relying on it for your legal needs.
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