Uniform Partnership Act - Explained
What is the Uniform Partnership Act?
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What is the Uniform Partnership Act?
In the United States, the National Conference of Commissioners on Uniform State Laws (NCCUSL) proposed the Uniform Partnership Act (UPA). The objective of the Act is to govern business partnerships in the U.S. The act contains provisions on how business partnerships can be formed, as well as how they can be dissolved. The Uniform Partnership Act (UPA) was first proposed in 1914 but it has been amended severally. All states in the U.S adopted UPA except Louisiana.
How Does the Uniform Partnership Act Work?
The Uniform Partnership Act provides governance or regulation for business partnerships and it is widely adopted in the United States. The proceed procedures for the formation of business partnership tion of a business partnership, the fiduciary duties of all business partners alongside vital rules are stated in the UPA. As contained in UPA, if after a dissociation of a business partnership, some partners still want to continue with the partnership, they can show interest within 90 days of the dissociation. This will save the partnership from being dissolved after a partner dissociates.
Uniform Partnership Act (UPA) 1997 Revision
There are amendments to the Uniform Partnership Act (UPA). The limited liability partnership amendment to UPA were propagated in 1996 and came into force in 1997. One of the amendments of UPA was the provision that a partner's dissociation should not lead to the dissolution of the business partnership unless other partners show no interest in continuing with the partnership within 90 days of dissociation. This means that if there is no majority dissociation or show of interest to dissolution, a business partnership can continue, even if one partner dissociates. The 1997 Revised Uniform Partnership Act also contained the following provisions:
- The duties, obligations and rights of partners in a business partnership.
- Partnership is an entity, hence it can sue and can be sued. Properties can be acquired in the partnerships name.
- No partner can take any personal interest in the property of a partnership.
- The revised UPA also highlights the obligations of partners to good faith and fair dealing and loyalty of partners in the agreement.
- Procedures for changing from an ordinary partnership to a limited partnership to conversion to a new entity are clearly stated in RUPA.
- Business Entities (Intro)
- Why is studying business entities important?
- Considerations When Forming a Business Entity
- Holistic (Detailed) Overview of Setting Up a Business Entity
- What are Business Entities?
- What is a Closely-held vs Publicly-held Business?
What are the main types of business entity?
- What are the primary characteristics of business entities?
- What is Maintenance of a business entity?
- What is Control of a business entity?
- What is Compensation of business owners?
- What is Taxation of a business entity?
- What is Sales & Use tax?
- What are payroll and self-employment taxes?
- What are the major characteristics of a Sole proprietorship?
- Uniform Partnership Act
- Uniform Limited Partnership Act
- Partnership Agreement
- At-Will Partnerships
- Responsibilities of Partners to the Partnership
- Silent Partner
- Funding the Partnership
- How are Partners Compensated
- Splitting Equity in an Industrial Partnership
- What are the main characteristics of a Limited liability partnership?
- What are the main characteristics of a Limited liability company?
- Forming an LLC
- Articles of Organization
- Operating Agreement or LLC Agreement
- Why You Need an LLC Agreement
- LLC Compensation of Members
- LLC Taxation
- Converting to an LLC
- What are the main characteristics of a Corporation
- Articles of Incorporation
- What to include in the Articles of Incorporation
- Corporate Bylaws
- Exiting the Corporation
- Dissenter's Rights
- What are the requirements to be an S Corporation?
- Non-Profit Organization
- NonProfit Business Entities
- Private Foundation
- A Detailed Explanation of the Sole Proprietorship
- Taxation of Sole Proprietorship
- A Detailed Explanation of the General Partnership
- 50/50 Partnerships: Never a Good Idea
- Publicly-Traded Partnerships
- A Detailed Explanation of the Limited Liability Company
- A Detailed Explanation of the Corporation
- Keepwell Agreement (Letter of Comfort)
- Personal Service Corporation Definition
- A Detailed Explanation of the Non-Profit Entity
- Public Limited Company (UK)