§ 8202. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017
Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part III. Partnerships and Limited Liability Companies (Refs & Annos)
Chapter 82. Limited Liability Partnerships and Limited Liability Limited Partnerships (Refs & Annos)
Subchapter A. Domestic Limited Liability Partnerships and Limited Liability Limited Partnerships (Refs & Annos)
Effective: February 21, 2017
15 Pa.C.S.A. § 8202
§ 8202. Definitions
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
“Distribution.” A direct or indirect transfer of money or other property or incurrence of indebtedness by a limited liability partnership to a person on account of a transferable interest or in a person's capacity as a partner. The term:
(1) includes:
(i) a redemption or other purchase by a 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 business or to have access to records or other information concerning the partnership's business; and
(2) does not include:
(i) 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;
(ii) the making of, or payment or performance on, a guaranty or similar arrangement by a partnership for the benefit of any or all of its partners;
(iii) a direct or indirect allocation or transfer effected under Chapter 3 (relating to entity transactions) with the approval of the partners; or
(iv) a direct or indirect transfer of:
(A) a governance or transferable interest; or
(B) options, rights or warrants to acquire a governance or transferable interest.
“Partner.” Includes a person who is or was a partner in a limited liability partnership or a general partner in a limited liability limited partnership at any time while the registration of the partnership under this subchapter is or was in effect.
Credits
1994, Dec. 7, P.L. 703, No. 106, § 4, effective in 60 days. Amended 2001, June 22, P.L. 418, No. 34, § 2, effective in 60 days; 2016, Nov. 21, P.L. 1328, No. 170, § 17, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8202, PA ST 15 Pa.C.S.A. § 8202
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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