Oregon Statutes 67.340 – Definitions for ORS 67.340 to 67.365
As used in ORS § 67.340 to 67.365:
Terms Used In Oregon Statutes 67.340
- Business: includes every trade, occupation, profession and commercial activity. See Oregon Statutes 67.005
- 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.
- 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.
- Limited liability partnership: means a partnership that has registered under ORS § 67. See Oregon Statutes 67.005
- 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 created under ORS § 67. See Oregon Statutes 67.005
- Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Oregon Statutes 67.005
(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 ORS Chapter 63 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 this chapter, 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) ‘General partner’ means a partner in a partnership and a general partner in a limited partnership.
(3) ‘Limited partner’ means a limited partner in a limited partnership.
(4) ‘Limited partnership’ means a limited partnership created under ORS Chapter 70, predecessor law or comparable law of another jurisdiction.
(5) ‘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.
(6) ‘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) Partner of a limited partnership.
(7) ‘Partner’ includes both a general partner and a limited partner. [1997 c.775 § 40; 1999 c.362 § 40; 2003 c.80 § 28]