{"data":{"id":"us-pa/15-pa.c.s.-8412","jurisdiction":"us-pa","citation":"15 Pa.C.S. § 8412","heading":"Definitions.","body":"(a) General definitions.--The following words and phrases when used in this chapter shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:\n\"Business.\" Includes every trade, occupation and profession.\n\"Contribution.\" Property or a benefit described in section 8443 (relating to form of contribution) which is provided by a person to a partnership to become a partner or in the person's capacity as a partner.\n\"Distribution.\" A transfer of money or other property from a partnership to a person on account of a transferable interest or in a person's capacity as a partner. The term:\n(1) includes:\n(i) a redemption or other purchase by a partnership of a transferable interest; and\n(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 business or have access to records or other information concerning the partnership's business; and\n(2) does not include:\n(i) 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;\n(ii) the making of, or payment or performance on, a guaranty or similar arrangement by a partnership for the benefit of any or all of its partners;\n(iii) a direct or indirect allocation or transfer effected under Chapter 3 (relating to entity transactions) with the approval of the partners; or\n(iv) a direct or indirect transfer of:\n(A) a governance or transferable interest; or\n(B) options, rights or warrants to acquire a governance or transferable interest.\n\"Partner.\" A person that:\n(1) has become a partner in a partnership under section 8442 (relating to becoming partner) or was a partner in a partnership when the partnership became subject to this chapter under section 8411 (relating to short title and application of chapter); and\n(2) has not dissociated as a partner under section 8461 (relating to events causing dissociation).\n\"Partnership.\" An association of two or more persons to carry on as co-owners a business for profit formed under this chapter or that becomes subject to this chapter under Chapter 3 (relating to entity transactions) or section 8411 (relating to short title and application of chapter). The term includes a limited liability partnership or an electing partnership that is not also a limited partnership.\n\"Partnership agreement.\" The agreement, whether or not referred to as a partnership agreement and whether oral, implied, in record form or in any combination thereof, of all the partners of a partnership concerning the matters described in section 8415(a) (relating to contents of partnership agreement). The term includes the agreement as amended or restated.\n\"Partnership at will.\" 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\"Transferable interest.\" The right, as initially owned by a person in the person's capacity as a partner, to receive distributions from a 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.\n\"Transferee.\" A person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner.\n(b) Index of definitions.--The following is a nonexclusive list of definitions in section 102 (relating to definitions) that apply to this chapter:\n\"Act\" or \"action.\"\n\"Court.\"\n\"Debtor in bankruptcy.\"\n\"Department.\"\n\"Jurisdiction.\"\n\"Jurisdiction of formation.\"\n\"Obligation.\"\n\"Principal office.\"\n\"Professional services.\"\n\"Property.\"\n\"Record form.\"\n\"Sign.\"\n\"Transfer.\"","path":["Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS","PART III PARTNERSHIPS AND LIMITED LIABILITY COMPANIES","CHAPTER 84 GENERAL PARTNERSHIPS","SUBCHAPTER A GENERAL PROVISIONS"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=15\u0026div=0\u0026chpt=84\u0026sctn=12\u0026subsctn=0","current_through":"2026-07-28 (Statute Update stamp, 15 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:31:13Z","sha256":"9b58df6c869abedf8e46f5d4a804f5b055e51df1b1c23e3fdecf4329806f4e1d","source_id":"us-pa","stale":false,"prev":"us-pa/15-pa.c.s.-8411","next":"us-pa/15-pa.c.s.-8413"},"notice":"GroundRules: Original legal text. Not legal advice."}