2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 067 - Partnerships; Limited Liability Partnerships
Section 67.005 - Definitions.
As used in this chapter:
(1) "Business" includes every trade, occupation, profession and commercial activity.
(2) "Debtor in bankruptcy" means a person who is the subject of:
(a) An order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or
(b) A comparable order under federal, state or foreign law governing insolvency.
(3) "Dissociated partner" means a partner with respect to whom an event specified in ORS 67.220 has occurred.
(4) "Distribution" means a transfer of money or other property from a partnership to a partner in the partner’s capacity as a partner or to the partner’s transferee.
(5) "Foreign limited liability partnership" means a partnership that:
(a) Is formed under laws other than the law of this state; and
(b) Has the status of a limited liability partnership under those laws.
(6) "Limited liability partnership" means a partnership that has registered under ORS 67.603, and has not registered or qualified in any other jurisdiction other than as a foreign limited liability partnership.
(7) "Partnership" means an association of two or more persons to carry on as co-owners a business for profit created under ORS 67.055, predecessor law, or comparable law of another jurisdiction. A partnership includes a limited liability partnership.
(8) "Partnership agreement" means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement.
(9) "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.
(10) "Partnership interest" or "partner’s interest in the partnership" means all of a partner’s interests in the partnership, including the partner’s transferable interest and all management and other rights.
(11) "Person" means an individual, corporation, business trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, instrumentality or any other legal or commercial entity.
(12) "Professional" means:
(a) Accountants licensed under ORS 673.010 to 673.465 or the laws of another state;
(b) Architects registered under ORS 671.010 to 671.220 or licensed or registered under the laws of another state;
(c) Attorneys licensed under ORS 9.005 to 9.757 or the laws of another state;
(d) Chiropractors licensed under ORS chapter 684 or the laws of another state;
(e) Dentists licensed under ORS chapter 679 or the laws of another state;
(f) Landscape architects licensed under ORS 671.310 to 671.459 or the laws of another state;
(g) Naturopaths licensed under ORS chapter 685 or the laws of another state;
(h) Nurse practitioners licensed under ORS 678.010 to 678.410 or the laws of another state;
(i) Psychologists licensed under ORS 675.010 to 675.150 or the laws of another state;
(j) Physicians licensed under ORS chapter 677 or the laws of another state;
(k) Medical imaging licensees under ORS 688.405 to 688.605 or the laws of another state;
(L) Real estate appraisers licensed under ORS chapter 674 or the laws of another state; and
(m) Other persons providing to the public types of personal service or services substantially similar to those listed in paragraphs (a) to (L) of this subsection that may be lawfully rendered only pursuant to a license.
(13) "Professional service" means the service rendered by a professional.
(14) "Property" means all property, real, personal or mixed, tangible or intangible, or any interest therein.
(15) "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States.
(16) "Transfer" includes an assignment, conveyance, lease, mortgage, deed, encumbrance, creation of a security interest and any other disposition.
(17) "Transferable interest of a partner in the partnership" means the partner’s share of the profits and losses of the partnership and the partner’s right to receive distributions. [1997 c.775 §1; 2003 c.14 §25; 2009 c.294 §8; 2009 c.833 §28; 2013 c.129 §22; 2013 c.196 §18]
