(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: "Business." Includes every trade, occupation and profession. "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. "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: (1) includes: (i) a redemption or other purchase by a partnership of a transferable interest; and (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 (2) does not include: (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; (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; (iii) a direct or indirect allocation or transfer effected under Chapter 3 (relating to entity transactions) with the approval of the partners; or (iv) a direct or indirect transfer of: (A) a governance or transferable interest; or (B) options, rights or warrants to acquire a governance or transferable interest. "Partner." A person that: (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 (2) has not dissociated as a partner under section 8461 (relating to events causing dissociation). "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. "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. "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. "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. "Transferee." A person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. (b) Index of definitions.-- The following is a nonexclusive list of definitions in section 102 (relating to definitions) that apply to this chapter: "Act" or "action." "Court." "Debtor in bankruptcy." "Department." "Jurisdiction." "Jurisdiction of formation." "Obligation." "Principal office." "Professional services." "Property." "Record form." "Sign." "Transfer."
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