Maryland Code, CORPORATIONS AND ASSOCIATIONS 10-101
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 10-101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- including: means includes or including by way of illustration and not by way of limitation. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) “Certificate” means the certificate referred to in § 10-201 of this title, the certificate as amended, and the certificate of cancellation.
(c) “Consent” means a writing consenting to a specified act or event.
(d) “Contribution” means any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes as capital to a limited partnership in that individual’s capacity as a partner.
(e) “Event of withdrawal of a general partner” means an event that causes a person to cease to be a general partner as provided in § 10-402 of this title.
(f) “Foreign limited partnership” means a partnership formed under the laws of any state other than the State of Maryland or under the laws of a foreign country and having as partners one or more general partners and one or more limited partners.
(g) “General partner” means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and has been named as a general partner in the certificate or similar instrument of the state or foreign country under which the limited partnership is organized if so required.
(h) “Limited partner” means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement and has been named as a limited partner in the certificate or similar instrument of the state or foreign country under which the limited partnership is organized if so required.
(i) “Limited partnership” and “domestic limited partnership” mean a partnership formed by two or more persons under the laws of the State and having one or more general partners and one or more limited partners.
(j) “Partner” means a limited or general partner.
(k) “Partnership” means a partnership formed under § 9A-202 of this article, or any predecessor law, but not including a domestic or foreign limited partnership.
(l) “Partnership agreement” means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business.
(m) “Partnership interest” means a partner’s share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets.
(n) “Person” means a natural person, partnership, limited partnership (domestic or foreign), trust, estate, association, limited liability company (domestic or foreign), or corporation.
(o) “State” means a state, territory, possession, or district of the United States.