AI-assisted research summary: This section defines key terms used in the Limited Liability Company Act.
53-19-2. Definitions. As used in the Limited Liability Company Act: A. "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; B. "corporation" means an organization incorporated under the laws of New Mexico or a foreign corporation; C. "commission" means the public regulation commission [secretary of state] or its designee; D. "court" means a court having jurisdiction in the case; E. "event of dissociation" means an event that causes a person to cease to be a member of a limited liability company; F. "foreign corporation" means a corporation that is organized under the laws of another state or a foreign country; G. "foreign limited liability company" means a person that is: (1) an unincorporated association; (2) organized under the laws of another state or foreign country; (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 (4) is not required to be registered or organized under the laws of New Mexico other than the Limited Liability Company Act; H. "foreign limited partnership" means a limited partnership formed under the laws of another state or a foreign country; I. "limited liability company" or "domestic limited liability company" means an organization formed pursuant to the provisions of the Limited Liability Company Act; J. "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; K. "limited partnership" means a limited partnership under the laws of New Mexico or a foreign limited partnership; L. "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; M. "member" means a person who has been admitted to membership in a limited liability company and who has not dissociated from that company; N. "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; O. "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; P. "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 Q. "state" means a state, territory or possession of the United States, the District of Columbia or the commonwealth of Puerto Rico. History: Laws 1993, ch. 280, § 2; 1998, ch. 104, § 1; 1998, ch. 108, § 30.