§ 8412. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017
Effective: February 21, 2017
15 Pa.C.S.A. § 8412
Formerly cited as PA ST 15 Pa.C.S.A. § 8302
§ 8412. Definitions
“Business.” Includes every trade, occupation and profession.
“Contribution.” Property or a benefit described in section 8443 (relating to form of contribution) which is provided by a person to a partnership to become a partner or in the person's capacity as a partner.
“Distribution.” A transfer of money or other property from a 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 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.” A person that:
(1) has become a partner in a partnership under section 8442 (relating to becoming partner) or was a partner in a partnership when the partnership became subject to this chapter under section 8411 (relating to short title and application of chapter); and
(2) has not dissociated as a partner under section 8461 (relating to events causing dissociation).
“Partnership.” An association of two or more persons to carry on as co-owners a business for profit formed under this chapter or that becomes subject to this chapter under Chapter 3 (relating to entity transactions) or section 8411 (relating to short title and application of chapter). The term includes a limited liability partnership or an electing partnership that is not also a limited partnership.
“Partnership agreement.” The agreement, whether or not referred to as a partnership agreement and whether oral, implied, in record form or in any combination thereof, of all the partners of a partnership concerning the matters described in section 8415(a) (relating to contents of partnership agreement). The term includes the agreement as amended or restated.
“Partnership at will.” 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.
“Transferable interest.” The right, as initially owned by a person in the person's capacity as a partner, to receive distributions from a 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.
“Transferee.” A person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner.
“Act” or “action.”
“Court.”
“Debtor in bankruptcy.”
“Department.”
“Jurisdiction.”
“Jurisdiction of formation.”
“Obligation.”
“Principal office.”
“Professional services.”
“Property.”
“Record form.”
“Sign.”
“Transfer.”
Credits
2016, Nov. 21, P.L. 1328, No. 170, § 25, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8412, PA ST 15 Pa.C.S.A. § 8412
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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