A Few Facts About The...

UNIFORM PARTNERSHIP ACT (1994)(1997)

PURPOSE:
This act revises the Uniform Partnership Act of 1914. The 1994 act establishes a partnership as a separate legal entity, and not merely as an aggregate of partners. It recognizes the primacy of the partnership agreement over statutory rules, except for specific rules protecting specific partner interests in the partnership. The 1994 act explicitly addresses the fiduciary responsibilities of partners to each other, providing for express obligations of loyalty, due care, and good faith. The act was amended in 1997 to provide limited liability for partners in a limited liability partnership.

ORIGIN:
Completed by the Uniform Law Commissioners in 1994, and amended in 1997.

APPROVED BY:
American Bar Association