Iowa Code 486A.901 – Definitions
Current as of: 2023 | Check for updates
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In this article:
1. “General partner” means a partner in a partnership and a general partner in a limited partnership.
Terms Used In Iowa Code 486A.901
- 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.
- 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.
2. “Limited partner” means a limited partner in a limited partnership.
3. “Limited partnership” means a limited partnership created under chapter 488, predecessor law, or comparable law of another jurisdiction.
4. “Partner” includes both a general partner and a limited partner.