AI-assisted research summary: This section defines terms used in the chapter, including business, person, partnership, transfer, and several partnership-related certificates and statuses.
As used in this chapter: “Business” means every trade, occupation, and profession and any other activity, including the holding or ownership of property, entered into for profit; “Confirmation of good standing” means confirmation by the commissioner of revenue issued through electronic communication to the secretary of state or a certificate of tax clearance that at the time such confirmation is issued a limited liability partnership or a foreign limited liability partnership is current on all taxes and penalties to the satisfaction of the commissioner; “Debtor in bankruptcy” means a person who is the subject of: An order for relief under title 11 of the United States Code or a comparable order under a successor statute of general application; or 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,” “foreign registered limited liability partnership” or a limited liability partnership or registered limited liability partnership that is designated as “foreign” means a partnership that: Is formed under the laws of any jurisdiction other than the state of Tennessee; and Has the status of a limited liability partnership under those laws; “Limited liability partnership,” “registered limited liability partnership” or a limited liability partnership or registered limited liability partnership that is designated as “domestic” means a partnership that has filed an application for registration as a registered limited liability partnership under § 61-1-1001 and does not have a similar statement in effect in any other jurisdiction; “Partnership” means an association of two (2) or more persons to carry on as co-owners of a business or other undertaking for profit formed under § 61-1-202, predecessor law, or comparable law of another jurisdiction; “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 rights; “Person” means an individual, corporation, limited liability company, business trust, estate, trust, partnership (whether general or limited), association, joint venture, government, governmental subdivision, agency, or instrumentality, custodian, nominee or any other individual or entity in its own or any representative capacity, or any other legal or commercial entity; “Property” means all property, real, personal, or mixed, tangible or intangible, or any interest therein; “Secretary of state” means the secretary of state of Tennessee; “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 § 61-1-303, a statement of denial under § 61-1-304, a statement of dissociation under § 61-1-704, a statement of dissolution under § 61-1-805, a statement of merger under § 61-1-907, or an amendment or cancellation of any of the foregoing; “Tax clearance for termination or withdrawal” means confirmation by the commissioner of revenue issued through electronic communication to the secretary of state or a certificate of tax clearance that a limited liability partnership or a foreign limited liability partnership has filed all applicable reports, including, but not limited to, a final report, and has paid all fees, penalties and taxes as required by the revenue laws of this state; and “Transfer” means an assignment, conveyance, lease, mortgage, deed, and encumbrance.