North Carolina General Statutes 59-32. Definition of terms
As used in this Chapter, except as otherwise defined in Article 5 of this Chapter for purposes of that Article, the following definitions apply:
(1) Act. – The North Carolina Uniform Partnership Act and refers to all provisions therein.
(1a) Bankrupt. – Bankrupt under the Federal Bankruptcy Act or insolvent under any State insolvent act.
(2) Business. – Every trade, occupation, or profession.
(3) Conveyance. – Every assignment, lease, mortgage, or encumbrance.
(4) Court. – Every court and judge having jurisdiction in the case.
(4a) Domestic corporation. – Has the same meaning as in N.C. Gen. Stat. § 55-1-40.
(4b) Domestic limited liability company. – Has the same meaning as the term “LLC” in N.C. Gen. Stat. § 57D-1-03.
(4c) Domestic limited partnership. – Has the same meaning as in N.C. Gen. Stat. § 59-102
(4d) Domestic nonprofit corporation. – A corporation as defined in N.C. Gen. Stat. § 55A-1-40.
(4e) Foreign corporation. – Has the same meaning as in N.C. Gen. Stat. § 55-1-40.
(4f) Foreign limited liability company. – Has the same meaning as the term “foreign LLC” in N.C. Gen. Stat. § 57D-1-03.
(4g) Foreign limited liability partnership. – A partnership that is formed under laws other than the laws of this State and has the status of a limited liability partnership or registered limited liability partnership under those laws.
(4h) Foreign limited partnership. – Has the same meaning as in N.C. Gen. Stat. § 59-102
(4i) Foreign nonprofit corporation. – A foreign corporation as defined in N.C. Gen. Stat. § 55A-1-40.
(5) Person. – Individuals, partnerships, corporations, limited liability companies, and other associations.
(5a) Principal office. – The office (in or out of this State) where the principal executive offices of a registered limited liability partnership or a foreign limited liability partnership are located, as designated in its most recent annual report filed with the Secretary of State or, if no annual report has yet been filed, in its application for registration as a registered limited liability partnership or foreign limited liability partnership.
(6) Real property. – Land and any interest or estate in land.
(7) Registered limited liability partnership. – A partnership that is registered under N.C. Gen. Stat. § 59-84.2 and complies with N.C. Gen. Stat. § 59-84.3
(8) Service-disabled veteran. – A veteran with a disability that was incurred or aggravated during the veteran’s service in the Armed Forces of the United States.
(9) Service-disabled veteran-owned small business. – A business that satisfies all of the following requirements:
a. The business’s net annual receipts do not exceed one million dollars ($1,000,000).
b. One or more service-disabled veterans own more than fifty percent (50%) of the business.
(10) Veteran. – An individual entitled to any benefits or rights under the laws of the United States by reason of service in the Armed Forces of the United States.
(11) Veteran-owned small business. – A business that satisfies all of the following requirements:
a. The business’s net annual receipts do not exceed one million dollars ($1,000,000).
b. One or more veterans own more than fifty percent (50%) of the business. ?(1941, c. 374, s. 2; 1993, c. 354, s. 3; 1999-362, s. 4; 2000-140, s. 101(k); 2001-387, s. 103; 2013-157, s. 15; 2017-90, s. 5; 2018-142, s. 11.)
Terms Used In North Carolina General Statutes 59-32
- Act: The North Carolina Uniform Partnership Act and refers to all provisions therein. See North Carolina General Statutes 59-32
- Bankrupt: Bankrupt under the Federal Bankruptcy Act or insolvent under any State insolvent act. See North Carolina General Statutes 59-32
- 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: Every trade, occupation, or profession. See North Carolina General Statutes 59-32
- Conveyance: Every assignment, lease, mortgage, or encumbrance. See North Carolina General Statutes 59-32
- 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.
- Court: Every court and judge having jurisdiction in the case. See North Carolina General Statutes 59-32
- Domestic limited liability company: Has the same meaning as the term "LLC" in N. See North Carolina General Statutes 59-32
- Domestic limited partnership: Has the same meaning as in N. See North Carolina General Statutes 59-32
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Foreign corporation: Has the same meaning as in N. See North Carolina General Statutes 59-32
- Foreign limited liability company: Has the same meaning as the term "foreign LLC" in N. See North Carolina General Statutes 59-32
- Foreign limited liability partnership: A partnership that is formed under laws other than the laws of this State and has the status of a limited liability partnership or registered limited liability partnership under those laws. See North Carolina General Statutes 59-32
- Foreign limited partnership: Has the same meaning as in N. See North Carolina General Statutes 59-32
- Foreign nonprofit corporation: A foreign corporation as defined in N. See North Carolina General Statutes 59-32
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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: Individuals, partnerships, corporations, limited liability companies, and other associations. See North Carolina General Statutes 59-32
- Principal office: The office (in or out of this State) where the principal executive offices of a registered limited liability partnership or a foreign limited liability partnership are located, as designated in its most recent annual report filed with the Secretary of State or, if no annual report has yet been filed, in its application for registration as a registered limited liability partnership or foreign limited liability partnership. See North Carolina General Statutes 59-32
- Registered limited liability partnership: A partnership that is registered under N. See North Carolina General Statutes 59-32
- Service-disabled veteran: A veteran with a disability that was incurred or aggravated during the veteran's service in the Armed Forces of the United States. See North Carolina General Statutes 59-32
- Service-disabled veteran-owned small business: A business that satisfies all of the following requirements:
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- Veteran: An individual entitled to any benefits or rights under the laws of the United States by reason of service in the Armed Forces of the United States. See North Carolina General Statutes 59-32
- Veteran-owned small business: A business that satisfies all of the following requirements: