Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Uniform Partnership Act

Read a random definition: Indian child

A quick definition of Uniform Partnership Act:

The Uniform Partnership Act is a set of rules created in 1914 to make sure that all states have the same laws for general and limited partnerships. Almost all states have adopted this set of rules, but some have replaced it with a newer version called the Revised Uniform Partnership Act.

A more thorough explanation:

The Uniform Partnership Act (UPA) is a model law created in 1914 to bring consistency to state laws governing general and limited partnerships. The UPA was adopted by almost all states, but some have replaced it with the Revised Uniform Partnership Act (RUPA) in 1994.

For example, if two people decide to start a business together and share profits and losses equally, they can form a general partnership under the UPA. The UPA provides guidelines for how the partnership should be managed, how profits and losses should be divided, and how the partnership can be dissolved.

The UPA also allows for limited partnerships, where one or more partners have limited liability and are not involved in managing the business. This can be useful for investors who want to contribute capital but do not want to be responsible for the day-to-day operations of the business.

Overall, the UPA provides a framework for partnerships to operate under and helps ensure consistency across state laws.

Uniform Parentage Act | Uniform Premarital Agreements Act

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.