rupa also dictates the legal obligations and rights of the partners involved in a partnership business. thus, it is crucial that you understand the requirements of rupa as a business owner since you could potentially be held liable for damages due to the actions of an unknown business partner. rupa is responsible for a number of revisions to the upa.
one of the most important contributions of rupa is that it allowed partners to “dissociate” from a partnership. in addition, your lawyer will be able to assist you in drafting a partnership agreement for your business and can assess whether a partnership is the right type of business formation for your company. your lawyer can explain the differences between a limited and general partnership, as well as can inform you of the liabilities and risks associated with each form of partnership. from benjamin n. cardozo school of law, specializing in both intellectual property law and data law; and a b.a.
the uniform partnership act (upa), which includes revisions that are sometimes called the revised uniform partnership act (rupa), is a uniform act (similar to a model statute), proposed by the national conference of commissioners on uniform state laws (“nccusl”) for the governance of business partnerships by u.s. states. because of this confusion, the nccusl now officially refers to each upa version as “uniform partnership act (year),” where “year” is replaced by the actual year that nccusl approved it. thus, “rupa” may actually imply any version of upa except the 1914 version. the upa and rupa provide rules as to many aspects of a partnership relationship including formation, the ownership of partnership assets, the assessment of fiduciary duties, the settlement of partnership disputes, and termination.
rupa is significantly more detailed than is the upa as to the degree to which the partnership agreement may modify the default rules set forth in the statute. the 1914 version of the upa was enacted into law in every state except louisiana. the nccusl website lists the states that it considers to have adopted these and other uniform acts. the nccusl website lists these states and territories as having adopted upa (1997): alabama, alaska, arizona, arkansas, california, colorado, connecticut, delaware, district of columbia, florida, hawaii, idaho, illinois, iowa, kansas, kentucky, maine, maryland, minnesota, mississippi, montana, nebraska, nevada, new jersey, new mexico, north dakota, ohio, oklahoma, oregon, south dakota (substantially similar), tennessee, texas (substantially similar), u.s. virgin islands, utah, vermont, virginia, washington, west virginia, and wyoming.
the revised uniform partnership act, now being finalized, moves the law closer to an entity theory of partnerships, clarifies that almost all the revised uniform partnership act of 1997 (rupa) is a term used to refer to the revised act and revisions done to the uniform partnership act of 1914 the revised uniform partnership act (“rupa”) is a model statute that determines how a business partnership should be organized and established., types of partnership in accounting, types of partnership in accounting, rupa partnership law, what is the revised uniform partnership act, revised uniform partnership act (1997).
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