48-7-101. Definitions.Terms used in this chapter mean:(1)'Certificate of limited partnership,' the certificate referred to in §48-7-201, and the certificate as amended or restated;(2)'Contribution,' any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in the partner's capacity as a partner;(3)'Event of withdrawal of a general partner,' an event that causes a person to cease to be a general partner as provided in §48-7-402;(4)'Foreign limited partnership,' a partnership formed under the laws of any state other than South Dakota and having as partners one or more general partners and one or more limited partners;(5)'General partner,' a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner;(6)'Limited partner,' a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement;(7)'Limited partnership' and 'domestic limited partnership,' a partnership ,' a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement;(7)'Limited partnership' and 'domestic limited partnership,' a partnership formed by two or more persons under the laws of South Dakota and having one or more general partners and one or more limited partners;(8)'Partner,' a limited or general partner;(9)'Partnership agreement,' any valid agreement written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business;(10)'Partnership interest,' a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets;(11)'Person,' a natural person, partnership, limited partnership (domestic or foreign), trust, estate, association, limited liability company (domestic or foreign), or corporation;(12)'State,' a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. Source: SL 1986, ch 391, §101; SL 1994, ch 351, §131.
South Dakota Legal Code