The Vermont Statutes Online
Corporations, Partnerships and Associations
As used in this
"Business" includes every trade, occupation, and profession.
in bankruptcy" means a person who is the subject of:
(A) an order for
relief under Title 11 of the United States Code or a comparable order under a
successor statute of general application; or
(B) a comparable
order under federal, state, or foreign law governing insolvency.
"Distribution" means a transfer of money or other property from a
partnership to a partner in the partner's capacity as a partner or to the
"Foreign limited liability partnership" means a partnership that:
(A) is formed
under laws other than the laws of this state; and
(B) has the
status of a limited liability partnership under those laws.
"Limited liability partnership" means a partnership that has filed a
statement of qualification under section 3291 of this title and does not have a
similar statement in effect in any other jurisdiction.
"Partnership" means an association of two or more persons to carry on
as co-owners a business for profit formed under section 3212 of this title,
predecessor law, or comparable law of another jurisdiction and includes for all
purposes of the laws of this state a limited liability partnership.
"Partnership agreement" means the agreement, whether written, oral,
or implied, among the partners concerning the partnership, including amendments
to the partnership agreement.
"Partnership at will" means 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.
"Partnership interest" or "partner's interest in the
partnership" means all of a partner's interests in the partnership,
including the partner's transferable interest and all management and other
"Person" means an individual, corporation, limited liability company,
business trust, estate, trust, partnership, association, joint venture,
government, governmental subdivision, agency, or instrumentality, or any other
legal or commercial entity.
"Property" means all property, real, personal, or mixed, tangible or
intangible, or any interest therein.
"State" means a state of the United States, the District of Columbia,
the Commonwealth of Puerto Rico, or any territory or insular possession subject
to the jurisdiction of the United States.
"Statement" means a statement of partnership authority under section
3223 of this title, a statement of denial under section 3224 of this title, a
statement of dissociation under section 3264 of this title, a statement of
dissolution under section 3275 of this title, a statement of merger under
section 3287 of this title, a statement of qualification under section 3291 of
this title, a statement of foreign qualification under section 3302 of this
title; or an amendment or cancellation of any of the foregoing.
"Transfer" includes an assignment, conveyance, lease, mortgage, deed,
and encumbrance. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)