Virginia Code 13.1-1081: Definitions
As used in this article:
Terms Used In Virginia Code 13.1-1081
- 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.
- domestic limited liability company: means an entity that is an unincorporated organization organized and existing under this chapter, or that has become a domestic limited liability company of the Commonwealth pursuant to § 13. See Virginia Code 13.1-1002
- Entity: includes any domestic or foreign limited liability company, any domestic or foreign other business entity, any estate or trust, and any state, the United States, and any foreign government. See Virginia Code 13.1-1002
- Entity conversion: means conversion. See Virginia Code 13.1-1002
- 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.
“Articles of incorporation” has the same meaning as specified in § 13.1-603.
“Articles of trust” has the same meaning as specified in § 13.1-1201.
“Certificate of limited partnership” has the same meaning as specified in § 50-73.1.
“Converting entity” means the domestic limited liability company, partnership, or limited partnership that adopts a plan of entity conversion pursuant to this article.
“Partnership agreement,” as to a limited partnership, has the same meaning as specified in § 50-73.1, and, as to a partnership, has the same meaning as specified in § 50-73.79.
“Resulting entity” means the domestic stock corporation, business trust, or limited liability company that is in existence upon consummation of an entity conversion pursuant to this article.
“Stock corporation” has the same meaning as “domestic corporation” as specified in § 13.1-603.
2016, c. 288.