{"data":{"id":"us-nm/54-1a-101","jurisdiction":"us-nm","citation":"54-1A-101","heading":"Definitions.","body":"As used in the Uniform Partnership Act (1994) [54-1A-101 to 54-1A-1206 NMSA 1978]:\n(1) \"business\" includes every trade, occupation and profession;\n(2) \"debtor in bankruptcy\" means a person who is the subject of:\n(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\n(ii) a comparable order under federal, state or foreign law governing insolvency;\n(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;\n(4) \"foreign limited liability partnership\" means a partnership that is formed under laws other than the laws of this state and has the status of a limited liability partnership under those laws;\n(5) \"limited liability partnership\" means a partnership that has filed a statement of qualification under Section 54-1A-1001 NMSA 1978 and does not have a similar statement in effect in any other jurisdiction;\n(6) \"partnership\" means an association of two or more persons to carry on as co-owners a business for profit formed under Section 54-1A-202 NMSA 1978, predecessor law, or comparable law of another jurisdiction, and includes a registered limited liability partnership;\n(7) \"partnership agreement\" means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement;\n(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;\n(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;\n(10) \"person\" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity;\n(11) \"property\" means all property, real, personal or mixed, tangible or intangible, or any interest therein;\n(12) \"state\" means 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;\n(13) \"statement\" means a statement of partnership authority under Section 54-1A-303 NMSA 1978, a statement of denial under Section 54-1A-304 NMSA 1978, a statement of dissociation under Section 54-1A-704 NMSA 1978, a statement of dissolution under Section 54-1A-805 NMSA 1978, a statement of merger under Section 54-1A-907 NMSA 1978, a statement of qualification under Section 54-1A-1001 NMSA 1978, a statement of foreign qualification under Section 54-1A-1102 NMSA 1978 or an amendment or cancellation of any of the foregoing; and\n(14) \"transfer\" includes an assignment, conveyance, lease, mortgage, deed and encumbrance.","path":["Chapter 54 - Partnerships","ARTICLE 1A Uniform Partnerships"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18557/index.do","current_through":"2022-05-12","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"b6bd6df3d21fad9e48a62f8085d7f331118305ca4a15d81178ae624e1d1f0d17","source_id":"us-nm","stale":false,"prev":"us-nm/54-1-48","next":"us-nm/54-1a-102"},"notice":"GroundRules: Original legal text. Not legal advice."}