ID Code § 30-24-102 (2021)
2021 Idaho Code|Title 30 - CORPORATIONS|Chapter 24 - LIMITED PARTNERSHIPS|Part 1 - GENERAL PROVISIONS|Section 30-24-102 - DEFINITIONS.

30-24-102. DEFINITIONS. (a) In this chapter: (1) "Certificate of limited partnership" means the certificate required by section 30-24-201, Idaho Code. The term includes the certificate as amended or restated. (2) "Contribution," except in the phrase "right of contribution," means property or a benefit described in section 30-24-501, Idaho Code, which is provided by a person to a limited partnership to become a partner or in the person’s capacity as a partner. (3) "Distribution" means a transfer of money or other property from a limited partnership to a person on account of a transferable interest or in the person’s capacity as a partner. The term: (A) Includes: (i) A redemption or other purchase by a limited partnership of a transferable interest; and (ii) A transfer to a partner in return for the partner’s relinquishment of any right to participate as a partner in the management or conduct of the partnership’s activities and affairs or to have access to records or other information concerning the partnership’s activities and affairs; and (B) Does not include amounts constituting reasonable compensation for present or past service or payments made in the ordinary course of business under a bona fide retirement plan or other bona fide benefits program. (4) "General partner" means a person that: (A) Has become a general partner under section 30-24-401, Idaho Code, or was a general partner in a partnership when the partnership became subject to this chapter under section 30-24-112, Idaho Code; and (B) Has not dissociated as a general partner under section 30-24-603, Idaho Code. (5) "Limited liability limited partnership" means a limited partnership whose certificate of limited partnership states that the partnership is a limited liability limited partnership. (6) "Limited partner" means a person that: (A) Has become a limited partner under section 30-24-301, Idaho Code, or was a limited partner in a limited partnership when the partnership became subject to this chapter under section 30-24-112, Idaho Code; and (B) Has not dissociated under section 30-24-601, Idaho Code. (7) "Limited partnership" means an entity formed under this chapter or that becomes subject to this chapter under chapter 22, title 30, Idaho Code, or section 30-24-112, Idaho Code. The term includes a limited liability limited partnership. (8) "Partner" means a limited partner or general partner. (9) "Partnership agreement" means the agreement, whether or not referred to as a partnership agreement and whether oral, implied, in a record, or in any combination thereof, of all the partners of a limited partnership concerning the matters described in section 30-24-105(a), Idaho Code. The term includes the agreement as amended or restated. (10) "Required information" means the information that a limited partnership is required to maintain under section 30-24-108, Idaho Code. (11) "Transferable interest" means the right, as initially owned by a person in the person’s capacity as a partner, to receive distributions from a limited partnership, whether or not the person remains a partner or continues to own any part of the right. The term applies to any fraction of the interest, by whomever owned. (12) "Transferee" means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. The term includes a person that owns a transferable interest under section 30-24-602(a)(3) or 30-24-605(a)(4), Idaho Code. (b) The following definitions outside this chapter apply to this chapter: (1) "Debtor in bankruptcy" – section 30-21-102(7), Idaho Code. (2) "Foreign" – section 30-21-102(15), Idaho Code. (3) "Jurisdiction" – section 30-21-102(22), Idaho Code. (4) "Jurisdiction of formation" – section 30-21-102(23), Idaho Code. (5) "Person" – section 30-21-102(35), Idaho Code. (6) "Principal office" – section 30-21-102(36), Idaho Code. (7) "Property" – section 30-21-102(41), Idaho Code. (8) "Record" – section 30-21-102(44), Idaho Code. (9) "Registered agent" – section 30-21-102(45), Idaho Code. (10) "Sign" – section 30-21-102(47), Idaho Code. (11) "State" – section 30-21-102(48), Idaho Code. (12) "Transfer" – section 30-21-102(50), Idaho Code.  History: [30-24-102, added 2015, ch. 243, sec. 33, p. 838.]