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Simple English definitions for legal terms
Uniform Limited Partnership Act
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A quick definition of Uniform Limited Partnership Act:
The Uniform Limited Partnership Act is a set of rules that were created in 1916 to help people who want to start a business together but don't want to share all the risks and responsibilities equally. It was adopted by most states in the US, except for Louisiana. In 1976, a revised version called the Revised Uniform Limited Partnership Act (RULPA) was created, and most states have adopted it. The ULPA and RULPA help people who want to start a business together by outlining how they can share the risks and responsibilities in a fair way.
A more thorough explanation:
The Uniform Limited Partnership Act is a model law created in 1916 for state legislatures to adopt. It governs the relationship between partners in a limited partnership.
For example, if two people start a business together but one partner only invests money and doesn't participate in the day-to-day operations, they may form a limited partnership. The Uniform Limited Partnership Act would provide guidelines for how the partners should work together and how profits and losses should be shared.
The Revised Uniform Limited Partnership Act (RULPA) was created in 1976 and amended in 1985. Most states have adopted the amended RULPA.
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