Terms Used In Utah Code > Title 48 > Chapter 1d > Part 5 - Contributions and Distributions

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Distribution: means 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. See Utah Code 48-1d-102
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partner: means a person that:

  (a)	has become a partner in a partnership under Section 48-1d-401 or was a partner in a partnership when the partnership became subject to this chapter under Section 48-1d-1405; and

  (b)

  has not dissociated as a partner under Section 48-1d-701. See Utah Code 48-1d-102 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Partnership: means 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 10, or Section 48-1d-1405. See Utah Code 48-1d-102 Partnership agreement: means the agreement, whether or not referred to as a partnership agreement, and whether oral, implied, in a record, or in any combination thereof, of all the partners of a partnership concerning the matters described in Subsection 48-1d-106(1). See Utah Code 48-1d-102 Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 48-1d-102 Property: means all property, whether real, personal, or mixed, or tangible or intangible, or any right or interest therein. See Utah Code 48-1d-102 right of contribution: means property or a benefit described in Section 48-1d-501 which is provided by a person to a partnership to become a partner or in the person's capacity as a partner. See Utah Code 48-1d-102 Transfer: includes : (a)  an assignment; (b)  a conveyance; (c)  a sale; (d)  a lease; (e)  an encumbrance, including a mortgage or security interest; (f)  a gift; and (g)  a transfer by operation of law. See Utah Code 48-1d-102 Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Utah Code 48-1d-102