A revised uniform act with modern business practices and needs, the limited partnership laws have remained generally unchanged for over half a. Ulc members must be lawyers, qualified to practice law. New york consolidated laws, partnership law ptr this is findlaws hosted version of new york consolidated laws, partnership law. The uniform limited partnership act ulpa, which includes its 1976 revision called the revised uniform limited partnership act rulpa, is a uniform act similar to a model statute, proposed by the national conference of commissioners on uniform state laws nccusl for the governance of business partnerships. Utah uniform limited partnership act part 1 general provisions 482e101 title.
Limited liability partnership amendments to uniform partnership act 1997 the committee that acted for the national conference of commissioners on uniform state laws in preparing the uniform partnership act 1996 was as follows. A limited partnership is a partnership formed by two or more persons under the provisions of section 15502, having as members one or more general partners and one or more limited. Deliver or delivery means any method of delivery used in conventional commercial practice including delivery by hand, mail, commercial delivery and. The uniform law commission ulc, also known as national conference of commissioners on uniform state laws nccusl, now in its 123rd year, provides states with nonpartisan, wellconceived and welldrafted legislation that brings clarity and stability to critical areas of state statutory law. The 1976 act was intended to modernize the prior uniform law while retaining the special character of limited partnerships as compared with corporations. Use this page to navigate to all sections within the title 42. No liability as limited partner for limited partnership obligation. This chapter is known as the utah uniform limited partnership act. An obligation of a limited partnership, whether arising in contract, tort, or otherwise, is not the obligation of a limited partner. Uniform limited partnership act amended application for certificate of authority printed by authority of the state of illinois. New laws on general partnerships including limited.
As used in this article, unless the context otherwise requires. A users guide to the new uniform limited partnership act suffolk. To be able to stand alone, the limited partnership incorporates many provisions from rupa and some from the uniform limited liability company act. The original source of limited partnership law is the uniform limited partnership act ulpa, which was drafted in 1916.
Breaking down uniform partnership act upa the uniform partnership act provides that a majority interest of the remaining partners can agree to continue the partnership within 90 days of the dissociation. Utah code part 1 utah uniform limited partnership act. Illinois compiled statutes illinois general assembly. New york consolidated laws, partnership law ptr findlaw.
Uniform limited partnership act 2001 original general partnership act upa and the revised uniform partnership act. Business associations duke university school of law. The new act has been drafted for a world in which limited liability partnerships and. This is findlaws hosted version of new jersey statutes title 42. Utah uniform partnership act part 1 general provisions 481d101 title. In may of 2017, tennessee enacted the tennessee uniform limited partnership act of 2017, which will apply to all new limited partnerships formed on or after january 1, 2018, and limited partnerships created before january 1, 2018, that elect to be covered under the new act. To be able to stand alone, the limited partnership incorporates many provisions from rupa and some from the uniform limited liability company act ullca. Succeeded by the uniform partnership act 1997 the committee that acted for the national conference of commissioners on uniform state. Use this page to navigate to all sections within partnership law.
The catchlines in parentheses following the act section numbers of this act were incorporated as part of the act. In 1999, kansas replaced the kllca with completely new legislation, the kansas revised limited liab company act krllca, effective january 1, 2000. Tennessee uniform limited partnership act of 2017 description. Utah code part 1 utah uniform partnership act general.
Accounting by surviving partners ic 2341 chapter 1. It is the successor of the revision of uniform limited partnership act. A revised version, the revised uniform limited partnership act rulpa, was adopted by the national conference of commissioners on uniform. Uniform limited partnership act, and various corporate sources. The draftsman of a limited partnership agreement has a degree of. Changes in modern business practices made it necessary. Form l 115 august 2012 illinois uniform limited partnership act c d a. This chapter may be cited as the uniform limited partnership act 2001. The new limited partnership act is a stand alone act, delinked from both the original general partnership act upa and the revised uniform partnership act rupa. Certificate of limited partnership and other filings. The revised act is, therefore, largely a series of default rules that govern the relations among partners in situations they have not addressed in a partnership agreement. At the time of the statutes enactment, the revised uniform limited partnership act of 1976 provided that a limited partner loses his limited liability protection if, in addition to the exercise of his rights and powers as a limited.
Uniform partnership act permits a charging creditor to enforce its charging order through strict foreclosure. Chapter 610 uniform limited partnership act uniform partnership act and uniform limited partnership act discussed. Becomes uniform partnership act 1996 1997 amendment to uniform partnership act 1996, section 801. Uniform limited partnership act referred to as rulpa and in which at least. Alternate name, if any, with which the limited partnership. Relations of partners to persons dealing with partnership. Tennessee uniform limited partnership act of 2017 tba cle. Relations of partners to each other and to partnership.
Each is linked to and premised on the law of general partnerships, and the link actually predates any uniform limited partnership act. Kyulpa to conform to practices and procedures already in place in kentucky. Enacted by chapter 412, 20 general session 482e102 definitions. They are practicing lawyers, judges, legislators and legislative staff and law professors, who have been appointed by state. Revised uniform limited partnership act rulpa 1976 warranted major. In 1996, the limited liability partnership amendments to the uniform partnership act were promulgated and combined into the uniform partnership act. Michigan revised uniform limited partnership act act 2 of 1982 an act to authorize the formation of limited partnerships. Enacted by chapter 412, 20 general session 481d102 definitions. Linkage created various theoretical and practical problems21 but was. A general partner also may make contributions to and share in profits, losses, and distributions as a limited partner.
A general partner of a limited partnership may make contributions to the partnership and share in the profits and losses of, and in distributions from, the limited partnership as a general partner. Uniform partnership act 23411 short title 23412 definitions 23412 definitions 234 interpretation of knowledge and notice. Uniform partnership act and uniform limited partnership act discussed. The uniform partnership act effectively saved partnerships from dissolution following a partners. This chapter may be cited as the utah uniform partnership act. The uniform limited partnership act stoll keenon ogden pllc.
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