Uniform Partnership Act
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The Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA) are uniform acts - statutes proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of business partnerships by U.S. States. Several versions of each have been promulgated, the earliest having been put forth in 1914, and the most recent in 1997.
The 1914 version of the UPA was subsequently enacted into law in every state except Louisiana. The most recent revision has been enacted into law by something in the range of 35 states. The NCCUSL website lists the states that it considers to have adopted these and other uniform acts. However, due to state variations it is not appropriate to rely upon this listing. RUPA was adopted in 2006 in Kentucky and in Maine.
Each of 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. Each allows modification of these rules in the individual agreement among the partners. 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.
