“Governing documents” means: (A) in the case of a domestic entity: (i) the certificate of formation for a domestic filing entity or the document or agreement under which a domestic nonfiling entity is formed; and (ii) the other documents or agreements adopted by the entity under this code to govern the formation or the internal … Read more
“Insolvency” means the inability of a person to pay the person’s debts as they become due in the usual course of business or affairs.
“Limited liability company” means an entity governed as a limited liability company under Title 3 or 7. The term includes a professional limited liability company.
“Limited liability limited partnership” means a partnership governed as a limited liability partnership and a limited partnership under Title 4.
“Limited liability partnership” means a partnership governed as a limited liability partnership under Title 4.
“Limited partner” means a person who has been admitted to a limited partnership as a limited partner as provided by: (A) in the case of a domestic limited partnership, Chapter 153; or (B) in the case of a foreign limited partnership, the laws of its jurisdiction of formation.
“Limited partnership” means a partnership that is governed as a limited partnership under Title 4 and that has one or more general partners and one or more limited partners. The term includes a limited partnership registered as a limited liability limited partnership.
“Manager” means a person designated as a manager of a limited liability company that is not managed by members of the company.
“Member” means: (A) in the case of a limited liability company, a person who is a member or has been admitted as a member in the limited liability company under its governing documents; (B) in the case of a nonprofit corporation, a person who has membership rights in the nonprofit corporation under its governing documents; … Read more
“Membership interest” means a member’s interest in an entity. With respect to a limited liability company, the term includes a member’s share of profits and losses or similar items and the right to receive distributions, but does not include a member’s right to participate in management.