§3201. Definitions

Link to law: http://legislature.vermont.gov/statutes/section/11/022/03201
Published: 2015

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The Vermont Statutes Online



Corporations, Partnerships and Associations








3201. Definitions

As used in this



"Business" includes every trade, occupation, and profession.

(2) "Debtor

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

partner's transferee.


"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.)