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Revised Uniform Limited Partnership Act
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A quick definition of Revised Uniform Limited Partnership Act:
The Revised Uniform Limited Partnership Act is a set of rules that govern how partners in a limited partnership work together. It was created in 1916 and updated in 1976 and 1985. Most states have adopted the updated version. It helps partners understand their rights and responsibilities and how to work together fairly.
A more thorough explanation:
The Revised Uniform Limited Partnership Act (RULPA) is a model law created in 1976 by the National Conference of Commissioners on Uniform State Laws. It was designed to govern the relationship between partners in a limited partnership. The ULPA was first promulgated in 1916 and was adopted by all states except Louisiana.
The RULPA was amended in 1985 and has been adopted by most states. It provides guidelines for the formation, operation, and dissolution of limited partnerships. It also outlines the rights and responsibilities of general and limited partners.
For example, if two people want to start a business together but one of them does not want to be involved in the day-to-day operations, they could form a limited partnership. The person who is not involved in the operations would be a limited partner and would not be personally liable for the business's debts. The person who is involved in the operations would be a general partner and would be personally liable for the business's debts.