2019 US Virgin Islands Code
Title 26 - Partnerships
Chapter 1 - Uniform Partnership Act
Subchapter I - General Provisions
§ 2. Definitions
- As used in this chapter, unless the context clearly requires otherwise:
(1) “Business” includes every trade, occupation, and profession.
(2) “Debtor in bankruptcy” means a person who is the subject of:
(i) an order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or
(ii) a comparable order under federal, state, territorial or foreign law governing insolvency.
(3) “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.
(4) “Foreign limited liability partnership” means a partnership that:
(i) is formed under laws other than the laws of the Virgin Islands; and
(ii) has the status of a limited liability partnership under those laws.
(5) “Limited liability partnership” means a partnership that has filed a statement of qualification under section 221 of this chapter and does not have a similar statement in effect in any other jurisdiction.
(6) “Partnership” means an association of two or more persons to carry on as co-owners a business for profit formed under section 22 of this chapter, predecessor law, or comparable law of another jurisdiction.
(7) “Partnership agreement” means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.
(8) “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.
(9) “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.
(10) “Person” means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(11) “Property” means all property, real, personal, or mixed, tangible or intangible, or any interest therein.
(12) “State” means the Virgin Islands, 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.
(13) “Statement” means a statement of partnership authority under section 43 of this chapter, a statement of denial under section 44 of this chapter, a statement of dissociation under section 144 of this chapter, a statement of dissolution under section 175 of this chapter, a statement of merger under section 197 of this chapter, a statement of qualification under section 221 of this chapter, a statement of foreign qualification under section 242 of this chapter, or an amendment or cancellation of any of the foregoing.
(14) “Transfer” includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.
