Oregon Statutes 63.467 – Definitions for ORS 63.467 to 63.497
As used in ORS § 63.467 to 63.497:
Terms Used In Oregon Statutes 63.467
- Articles of organization: means the document described in ORS § 63. See Oregon Statutes 63.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Entity: means a domestic or foreign limited liability company, corporation, professional corporation, foreign corporation, domestic or foreign nonprofit corporation, domestic or foreign cooperative corporation, profit or nonprofit unincorporated association, business trust, domestic or foreign general or limited partnership, two or more persons that have a joint or common economic interest, any state, the United States, a federally recognized Native American or American Indian tribal government or any foreign government. See Oregon Statutes 63.001
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Member: means a person with both an ownership interest in a limited liability company and all the rights and obligations of a member specified under this chapter. See Oregon Statutes 63.001
- 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.
(1) ‘Business entity‘ means:
(a) Any of the following for-profit entities:
(A) A professional corporation organized under ORS Chapter 58, predecessor law or comparable law of another jurisdiction;
(B) A corporation organized under ORS Chapter 60, predecessor law or comparable law of another jurisdiction;
(C) A limited liability company organized under this chapter or comparable law of another jurisdiction;
(D) A partnership organized in Oregon after January 1, 1998, or that is registered as a limited liability partnership, or that has elected to be governed by ORS Chapter 67, and a partnership governed by law of another jurisdiction that expressly provides for conversions and mergers; and
(E) A limited partnership organized under ORS Chapter 70, predecessor law or comparable law of another jurisdiction; and
(b) A cooperative organized under ORS Chapter 62, predecessor law or comparable law of another jurisdiction.
(2) ‘Organizational document’ means the following for an Oregon business entity or, for a foreign business entity, a document equivalent to the following:
(a) In the case of a corporation, professional corporation or cooperative, articles of incorporation;
(b) In the case of a limited liability company, articles of organization;
(c) In the case of a partnership, a partnership agreement and, for a limited liability partnership, its registration; and
(d) In the case of a limited partnership, a certificate of limited partnership.
(3) ‘Owner’ means a:
(a) Shareholder of a corporation or of a professional corporation;
(b) Member or shareholder of a cooperative;
(c) Member of a limited liability company;
(d) Partner of a partnership; and
(e) General partner or limited partner of a limited partnership. [1999 c.362 § 31; 2003 c.80 § 27]