Closely-Held Business Symposium: The Uniform Limited Partnership Act
Partnership law throughout most of the 20th century was centered upon the interrelated statutes of the Uniform Partnership Act and the Uniform Limited Partnership Act. Rules relating to general partners of general partnerships or of limited partnerships were contained in the former act. That is, the relationships among general partners in a limited partnership were governed by the Uniform Limited Partnership Act. In the promulgation of the Revised Uniform Partnership Act (RUPA) in the early 1990s, the National Conference of Commissioners on Uniform State Laws (NCCUSL) Drafting Committee responsible for that statute, with the concurrence of the American Bar Association advisors, elected to ”de-link” the “general” partnership act from the limited partnership act. Thus, the need for a self-contained limited partnership act was born. . . .