As used in this chapter, unless the context otherwise requires:
 1. “Business” includes every trade, occupation, and profession.

Terms Used In Iowa Code 486A.101

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Business: includes every trade, occupation, and profession. See Iowa Code 486A.101
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Limited liability partnership: means a partnership that has filed a statement of qualification under section 486A. See Iowa Code 486A.101
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Partnership: means an association of two or more persons to carry on as co-owners a business for profit formed under section 486A. See Iowa Code 486A.101
  • 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 agreement: means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Iowa Code 486A.101
  • Person: means as defined in section 4. See Iowa Code 486A.101
  • Property: means all property, real, personal, or mixed, tangible or intangible, or any interest in such property. See Iowa Code 486A.101
  • State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Iowa Code 486A.101
  • Statement: means a statement of partnership authority under section 486A. See Iowa Code 486A.101
  • Statute: A law passed by a legislature.
  • Transfer: includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. See Iowa Code 486A.101
  • undertaking: means a promise or security in any form. See Iowa Code 4.1
  • United States: includes all the states. See Iowa Code 4.1
 2. “Debtor in bankruptcy” means a person who is the subject of any of the following:

 a. An order for relief under Tit. 11 of the United States Code or a comparable order under a successor statute of general application.
 b. A comparable order under federal, state, or foreign law governing insolvency.
 3. “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.
 4. “Foreign limited liability partnership” means a partnership that satisfies both of the following:

 a. The partnership is formed under laws other than the laws of this state.
 b. The partnership has the status of a limited liability partnership under those laws.
 5. “Limited liability partnership” means a partnership that has filed a statement of qualification under section 486A.1001 and does not have a similar statement in effect in any other jurisdiction.
 6. “Partnership” means an association of two or more persons to carry on as co-owners a business for profit formed under section 486A.202, predecessor law, or comparable law of another jurisdiction.
 7. “Partnership agreement” means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.
 8. “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.
 9. “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.
 10. “Person” means as defined in section 4.1.
 11. “Property” means all property, real, personal, or mixed, tangible or intangible, or any interest in such property.
 12. “State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
 13. “Statement” means a statement of partnership authority under section 486A.303, a statement of denial under section 486A.304, a statement of dissociation under section 486A.704, a statement of dissolution under section 486A.805, a statement of merger under section 486A.907, a statement of qualification under section 486A.1001, a statement of foreign qualification under section 486A.1102, or an amendment or cancellation of any of the foregoing.
 14. “Transfer” includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.
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