{"data":{"id":"us-nm/53-19-2","jurisdiction":"us-nm","citation":"53-19-2","heading":"Definitions.","body":"As used in the Limited Liability Company Act:\nA. \"articles of organization\" means the original or restated articles filed pursuant to the Limited Liability Company Act and any amendments to those articles, including articles of merger or consolidation;\nB. \"corporation\" means an organization incorporated under the laws of New Mexico or a foreign corporation;\nC. \"commission\" means the public regulation commission [secretary of state] or its designee;\nD. \"court\" means a court having jurisdiction in the case;\nE. \"event of dissociation\" means an event that causes a person to cease to be a member of a limited liability company;\nF. \"foreign corporation\" means a corporation that is organized under the laws of another state or a foreign country;\nG. \"foreign limited liability company\" means a person that is:\n(1) an unincorporated association;\n(2) organized under the laws of another state or foreign country;\n(3) organized under a statute pursuant to which an association may be formed that affords to each of its members limited liability with respect to the liabilities of the person; and\n(4) is not required to be registered or organized under the laws of New Mexico other than the Limited Liability Company Act;\nH. \"foreign limited partnership\" means a limited partnership formed under the laws of another state or a foreign country;\nI. \"limited liability company\" or \"domestic limited liability company\" means an organization formed pursuant to the provisions of the Limited Liability Company Act;\nJ. \"limited liability company interest\" means a member's or assignee's right to receive distributions and a return of capital from the limited liability company. A member's or assignee's limited liability company interest does not include rights the member or assignee has on account of other matters, such as a right to receive accrued salary for services the member or assignee rendered to, repayment of a loan the member or assignee made to or indemnification by the limited liability company;\nK. \"limited partnership\" means a limited partnership under the laws of New Mexico or a foreign limited partnership;\nL. \"manager\" means, with respect to a limited liability company that has included a statement in its articles of organization that it is to be managed by a manager, the person designated as manager in accordance with the articles of organization or an operating agreement;\nM. \"member\" means a person who has been admitted to membership in a limited liability company and who has not dissociated from that company;\nN. \"membership interest\" or \"interest\" means a member's limited liability company interest and his rights to participate in management and control of the limited liability company;\nO. \"operating agreement\" means a written agreement providing for the conduct of the business and affairs of a limited liability company and that agreement as amended in writing;\nP. \"person\" means an individual, a general partnership, a limited partnership, a domestic or foreign limited liability company, a trust, an estate, an association, a corporation or any other legal entity; and\nQ. \"state\" means a state, territory or possession of the United States, the District of Columbia or the commonwealth of Puerto Rico.","path":["Chapter 53 - Corporations","ARTICLE 19 Limited Liability Companies"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18556/index.do","current_through":"2025-06-20","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"e0e5deb1a852bbc9a6ed72aaa6f82438697bd6a4233667ef54e4e73482380615","source_id":"us-nm","stale":false,"prev":"us-nm/53-19-1","next":"us-nm/53-19-3"},"notice":"GroundRules: Original legal text. Not legal advice."}