14. A unit of or similar participation in a partnership or a limited liability company is not a security unless
(1) it is, or is of a type, dealt in or traded on securities exchanges or securities markets;
(2) its terms expressly provide that it is a security for the purposes of this Act; or
(3) the partnership or company is a mutual fund.
Whether considered a security or not, such a unit or participation is a financial asset if it is held in a securities account.
In this Act, “limited liability company” means a group not endowed with juridical personality, other than a partnership, that is formed under the laws of a legislative authority other than Québec and whose legal status grants to each of its members limited liability with respect to the liabilities of the group.