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3020 LAWS OF MARYLAND Ch. 801
(J) PARTNER. "PARTNER" MEANS A LIMITED OR GENERAL
PARTNER.
(K) PARTNERSHIP AGREEMENT. "PARTNERSHIP AGREEMENT"
MEANS ANY VALID AGREEMENT, WRITTEN OR ORAL, OF THE PARTNERS
AS TO THE AFFAIRS OF A LIMITED PARTNERSHIP AND THE CONDUCT
OF ITS BUSINESS.
(L) PARTNERSHIP INTEREST. "PARTNERSHIP INTEREST"
MEANS A PARTNER'S SHARE OF THE PROFITS AND LOSSES OF A
LIMITED PARTNERSHIP AND THE RIGHT TO RECEIVE DISTRIBUTIONS
OF PARTNERSHIP ASSETS.
(M) PERSON. "PERSON" MEANS A NATURAL PERSON,
PARTNERSHIP, LIMITED PARTNERSHIP (DOMESTIC OR FOREIGN),
TRUST, ESTATE, ASSOCIATION, OR CORPORATION.
(N) STATE. "STATE" MEANS A STATE, TERRITORY,
POSSESSION, OR DISTRICT OF THE UNITED STATES.
COMMENT
The definitions in this section clarify a number of
uncertainties in existing law and make certain changes.
Other terms used in this title are defined in § 1-101 of
this article.
"Contribution": this definition specifies the
permissible forms of contribution. § 10-104 of the previous
Limited Partnership Act (§ 3 of the prior uniform law) did
not permit a limited partner's contribution to be in the
form of services.
"General partner and limited partner": these
definitions recognize the separate significance of the
partnership agreement and the certificate in that they
require a general partner and a limited partner to be named
as such in both.
"Limited partnership": this definition is identical to
the one set forth in § 10-101 of the previous Limited
Partnership Act and in the prior uniform law.
"Partnership agreement": the previous Limited
Partnership Act and the prior uniform law did not refer to
the partnership agreement at all. Under modern practice it
has become common for the partners to enter into a
comprehensive partnership agreement, although the definition
indicates that "any valid agreement written or oral", will
suffice.
"Partnership interest": this definition was intended
to specify the components of a partner's interest in the
partnership.
10-102. NAME.
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