Maine Revised Statutes Title 31 Sec. 1001 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2005, c. 543, Pt. A, §2 (NEW).]
1. Business. “Business” includes every trade, occupation and profession.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1001
- 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.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Business: includes every trade, occupation and profession. See Maine Revised Statutes Title 31 Sec. 1001
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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. See Maine Revised Statutes Title 31 Sec. 1001
- Foreign limited liability partnership: means a partnership that:
A. See Maine Revised Statutes Title 31 Sec. 1001Jurisdiction: (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 registered as a limited liability partnership pursuant to section 821 and does not have a similar statement in effect in any other jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Partnership: means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001 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 Maine Revised Statutes Title 31 Sec. 1001 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. See Maine Revised Statutes Title 31 Sec. 1001 Person: means an individual, corporation, limited liability company, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Maine Revised Statutes Title 31 Sec. 1001 Property: means all property, real, personal or mixed, tangible or intangible or any interest therein. See Maine Revised Statutes Title 31 Sec. 1001 State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 31 Sec. 1001 Statement: means a statement of dissociation under section 1074, a statement of dissolution under section 1085, a statement of merger under section 1097, a statement electing to be governed by this chapter prior to July 1, 2006 or an amendment or cancellation of any of the foregoing. See Maine Revised Statutes Title 31 Sec. 1001 Statute: A law passed by a legislature. Transfer: includes an assignment, conveyance, lease, mortgage, deed and encumbrance. See Maine Revised Statutes Title 31 Sec. 1001 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Debtor in bankruptcy. “Debtor in bankruptcy” means a person who is the subject of:
A. An order for relief under 11 United States Code or a comparable order under a successor statute of general application; or [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. A comparable order under federal, state or foreign law governing insolvency. [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
3. Distribution. “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.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
4. Foreign limited liability partnership. “Foreign limited liability partnership” means a partnership that:
A. Is formed under laws other than the laws of this State; and [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. Has the status of a limited liability partnership under those laws. [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
5. Limited liability partnership. “Limited liability partnership” means a partnership that has registered as a limited liability partnership pursuant to section 821 and does not have a similar statement in effect in any other jurisdiction.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
6. Partnership. “Partnership” means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
7. Partnership agreement. “Partnership agreement” means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
8. Partnership at will. “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.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
9. Partnership interest; partner’s interest in partnership. “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.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
10. Person. “Person” means an individual, corporation, limited liability company, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
11. Property. “Property” means all property, real, personal or mixed, tangible or intangible or any interest therein.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
12. State. “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
13. Statement. “Statement” means a statement of dissociation under section 1074, a statement of dissolution under section 1085, a statement of merger under section 1097, a statement electing to be governed by this chapter prior to July 1, 2006 or an amendment or cancellation of any of the foregoing.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
14. Transfer. “Transfer” includes an assignment, conveyance, lease, mortgage, deed and encumbrance.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).