Virginia Code 50-73.124: Definitions
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Terms Used In Virginia Code 50-73.124
- Includes: means includes, but not limited to. See Virginia Code 1-218
- 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.
- 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.
“General partner” means a partner in a partnership and a general partner in a limited partnership.
“Limited partner” means a limited partner in a limited partnership.
“Limited partnership” means a limited partnership created under the Virginia Revised Uniform Limited Partnership Act, predecessor law, or comparable law of another jurisdiction.
“Partner” includes both a general partner and a limited partner.
1996, c. 292.