A Few Facts About The...

UNIFORM LIMITED PARTNERSHIP ACT (2001)

PURPOSE:
To provide a more flexible and stable basis for the organization of limited partnerships, and help states stimulate new limited partnership business ventures. The 2001 revision recognizes modern-day uses of limited partnerships, including family limited partnerships for estate planning purposes.

ORIGIN:
Completed by the Uniform Law Commissioners in 2001. The 1916 and 1976 versions of the Uniform Limited Partnership Act were adopted in 49 states, the District of Columbia, and the U.S. Virgin Islands.

ENDORSED BY:
American Bar Association