2011 Oregon Revised Statutes
ORS Volume 2, Chapters 56 - 89
ORS Chapter 63
63.001 Definitions.

As used in this chapter:

(1) Anniversary means that day each year exactly one or more years after:

(a) The date of filing by the Secretary of State of the articles of organization in the case of a domestic limited liability company.

(b) The date of filing by the Secretary of State of an application for authority to transact business in the case of a foreign limited liability company.

(2) Articles of organization means the document described in ORS 63.047 for the purpose of forming a limited liability company, including articles of organization as they may be amended or restated, articles of conversion and articles of merger.

(3) Bankruptcy means:

(a) Assignment by a member for the benefit of creditors;

(b) Commencement of a voluntary bankruptcy case by a member;

(c) Adjudication of a member as bankrupt or insolvent;

(d) Filing by a member of a petition or answer seeking for the member any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or rule;

(e) Filing by a member of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the member in any proceeding of this nature;

(f) Seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator of the member or of all or any substantial part of the member s properties;

(g) Commencement of an involuntary bankruptcy case against a member that has not been dismissed on or before the 120th day after the commencement of the case;

(h) Appointment, without the member s consent, of a trustee, receiver or liquidator either of the member or of all or any substantial part of the member s properties that is not vacated or stayed on or before the 90th day after appointment; or

(i) Appointment described in paragraph (h) of this subsection that is not vacated on or before the 90th day after expiration of the stay under paragraph (h) of this subsection.

(4) Contribution means anything of value that a person contributes to the limited liability company as a prerequisite for or in connection with membership including cash, property or services rendered or a promissory note or other binding obligation to contribute cash or property or to perform services.

(5) Corporation or domestic corporation means a corporation for profit incorporated under ORS chapter 60.

(6) Distribution means a direct or indirect transfer of money or other property, except of a limited liability company s own interests, or incurrence of indebtedness by a limited liability company to or for the benefit of the limited liability company s members in respect of a member s interests. A distribution may be in the form of a declaration or payment of profits, a purchase, retirement or other acquisition of interests, a distribution of indebtedness, or otherwise.

(7) Domestic nonprofit corporation means a corporation not for profit incorporated under ORS chapter 65.

(8) Domestic professional corporation means a corporation organized under ORS chapter 58 for the purpose of rendering professional services and for the purposes provided under ORS chapter 58.

(9) Entity includes a domestic or foreign limited liability company, corporation, professional corporation, foreign corporation, domestic or foreign nonprofit corporation, domestic or foreign cooperative corporation, profit or nonprofit unincorporated association, business trust, domestic or foreign general or limited partnership, two or more persons having a joint or common economic interest, any state, the United States, a federally recognized Native American or American Indian tribal government or any foreign government.

(10) Foreign corporation means a corporation for profit incorporated under laws other than the laws of this state.

(11) Foreign limited liability company means an entity that is an unincorporated association organized under laws other than the laws of this state and that is organized under a statute under which an association may be formed that affords to each of the entity s members limited liability with respect to the liabilities of the entity.

(12) Foreign limited partnership means a limited partnership formed under laws other than the laws of this state and having as partners one or more general partners and one or more limited partners.

(13) Foreign nonprofit corporation means a corporation not for profit organized under laws other than the laws of this state.

(14) Foreign professional corporation means a professional corporation organized under laws other than the laws of this state.

(15) Incompetency means the entry of a judgment by a court of competent jurisdiction adjudicating the member incompetent to manage the member s person or estate.

(16) Individual means a natural person.

(17) Limited liability company or domestic limited liability company means an entity that is an unincorporated association having one or more members that is organized under this chapter.

(18) Limited partnership or domestic limited partnership means a partnership formed by two or more persons under ORS chapter 70 and having one or more general partners and one or more limited partners.

(19) Manager or managers means a person or persons, who need not be members, designated by the members of a manager-managed limited liability company to manage the limited liability company s business and affairs.

(20) Manager-managed limited liability company means a limited liability company that is designated as a manager-managed limited liability company in the limited liability company s articles of organization or whose articles of organization otherwise expressly provide that the limited liability company will be managed by a manager or managers.

(21) Member or members means a person or persons with both an ownership interest in a limited liability company and all the rights and obligations of a member specified under this chapter. Member does not include an assignee of an ownership interest who has not also acquired the voting and other rights appurtenant to membership.

(22) Member-managed limited liability company means a limited liability company other than a manager-managed limited liability company.

(23) Membership interest or interest means a member s collective rights in a limited liability company, including the member s share of profits and losses of the limited liability company, the right to receive distributions of the limited liability company s assets and any right to vote or participate in management.

(24) Office, when used to refer to the administrative unit directed by the Secretary of State, means the office of the Secretary of State.

(25) Operating agreement means any valid agreement, written or oral, of the member or members as to the affairs of a limited liability company and the conduct of the limited liability company s business.

(26) Organizer means one of the signers of the initial articles of organization.

(27) Party includes an individual who was, is or is threatened to be made a named defendant or respondent in a proceeding.

(28) Person means an individual or entity.

(29) Proceeding means any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigatory and whether formal or informal.

(30) State, when referring to a part of the United States, includes a state, commonwealth, territory or insular possession of the United States and the agencies and governmental subdivisions of the state, commonwealth, territory or insular possession.

(31) United States includes a district, authority, bureau, commission, department or any other agency of the United States. [1993 c.173 2; 1995 c.93 1; 1997 c.646 1; 1999 c.86 1; 1999 c.362 28; 2001 c.315 34; 2005 c.107 3; 2009 c.14 3; 2009 c.294 6]