Rhode Island General Laws > Chapter 7-12.1 > Article 4 – Relations of Partners to Each Other and to Partnership [Effective January 1, 2023.]
Terms Used In Rhode Island General Laws > Chapter 7-12.1 > Article 4 - Relations of Partners to Each Other and to Partnership [Effective January 1, 2023.]
- 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.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Business: includes every trade, occupation, and profession. See Rhode Island General Laws 7-12.1-102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Distribution: means a transfer of money or other property from a partnership to a person on account of a transferable interest or in a person's capacity as a partner. See Rhode Island General Laws 7-12.1-102
- Fiduciary: A trustee, executor, or administrator.
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Interest: means :
(i) A share in a business corporation;
(ii) A membership in a nonprofit corporation;
(iii) A partnership interest in a general partnership;
(iv) A partnership interest in a limited partnership;
(v) A membership interest in a limited liability company;
(vi) A share in a general cooperative association;
(vii) A member's interest in a limited cooperative association;
(viii) A membership in an unincorporated nonprofit association;
(ix) A beneficial interest in a statutory trust, business trust, or common-law business trust; or
(x) A governance interest or distributional interest in any other type of unincorporated entity. See Rhode Island General Laws 7-12.1-1101
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- Partner: means a person that:
(i) Has become a partner in a partnership under § 7-12. See Rhode Island General Laws 7-12.1-102
- 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 or not referred to as a partnership agreement and whether oral, implied, in a record, or in any combination thereof, of all the partners of a partnership concerning the matters described in § 7-12. See Rhode Island General Laws 7-12.1-102
- 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 Rhode Island General Laws 7-12.1-102
- Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, general cooperative association, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Rhode Island General Laws 7-12.1-102
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Principal office: means the principal executive office of a partnership or a foreign limited liability partnership, whether or not the office is located in this state. See Rhode Island General Laws 7-12.1-102
- Property: means all property, whether real, personal, or mixed or tangible or intangible, or any right or interest therein. See Rhode Island General Laws 7-12.1-102
- right of contribution: means property or a benefit described in § 7-12. See Rhode Island General Laws 7-12.1-102
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
- town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
- Transfer: includes :
(i) An assignment;
(ii) A conveyance;
(iii) A sale;
(iv) A lease;
(v) An encumbrance, including a mortgage or security interest;
(vi) A gift; and
(vii) A transfer by operation of law. See Rhode Island General Laws 7-12.1-102
- Transferable interest: means the right, as initially owned by a person in the person's capacity as a partner, to receive distributions from a partnership, whether or not the person remains a partner or continues to own any part of the right. See Rhode Island General Laws 7-12.1-102
- Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Rhode Island General Laws 7-12.1-102
- Trustee: A person or institution holding and administering property in trust.