Uniform Partnership Act - UPA

AAA

DEFINITION of 'Uniform Partnership Act - UPA'

A proposed state law drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) regarding the governance of business partnerships residing in any state within the United States. The UPA also offers regulations governing the dissolution of a partnership when a partner dissociates.


The Uniform Partnership Act provides that a majority interest of the remaining partners can agree to continue the partnership within 90 days of the dissociation. The Uniform Partnership Act effectively saved partnerships from dissolution following a partner's dissociation. In addition, the UPA provides rules regarding partnership formation, fiduciary duties and the ownership of partnership assets. The initial Uniform Partnership Act was adopted in every state except Louisiana.

INVESTOPEDIA EXPLAINS 'Uniform Partnership Act - UPA'

The first Uniform Partnership Act was drafted in 1914. It has been revised and amended multiple times since, most recently in 1997. In 1996, the Limited Liability Partnership Amendments to the Uniform Partnership Act were promulgated and combined into the Uniform Partnership Act. Under the 1997 amendment, a partner's disassociation does not trigger dissolution unless a majority interest agrees to dissolution. The partnership automatically continues unless partners take action to dissolve the partnership within 90 days of the dissociation.

RELATED TERMS
  1. Named Fiduciary

    The fiduciary that holds responsibility over a given financial ...
  2. Limited Partnership - LP

    Two or more partners united to conduct a business jointly, and ...
  3. Fiduciary

    1. A person legally appointed and authorized to hold assets in ...
  4. Master Limited Partnership - MLP

    A type of limited partnership that is publicly traded. There ...
  5. Partnership

    A business organization in which two or more individuals manage ...
  6. Nordic Model

    The social welfare and economic systems adopted by Nordic countries.
Related Articles
  1. Entrepreneurship

    I am starting a limited liability company (LLC). I will be the sole member. Can I open an SEP IRA? How ...

    In a word, yes. A limited liability company (LLC) is eligible to establish a simplified employee pension (SEP). Keep in mind that plan contributions (including SEPs) are usually based on W-2 ...
  2. Investing Basics

    Why Companies Stay Private

    Many private companies prefer to stay private and find alternate sources of capital. Find out what firms have to gain by eschewing the windfall from a flashy IPO.
  3. Entrepreneurship

    Should You Incorporate Your Business?

    Find out how becoming a corporation can protect and further your finances.
  4. Economics

    How is the invisible hand affected in a communist or socialist economy?

    Discover why the invisible hand of the market is compromised by socialist and communist economies, where the government controls the means of production.
  5. Economics

    What is the affect of the invisible hand on the government?

    Find out why government policy goals are often frustrated by the same forces that guide the invisible hand of the market towards efficient outcomes.
  6. Economics

    How does the invisible hand affect a capitalist economy?

    Take a deeper look at how the invisible hand of the market works and why it is so crucial for understanding how capitalist economies function.
  7. Economics

    What impact does quantitative easing have on consumers in the U.S.?

    Dig deeper into the Federal Reserve's quantitative easing policies and what potential impacts they may have on American consumers.
  8. Economics

    How does government regulation impact the railroads sector?

    Explore different ways that government regulation has affected the railroad sector. Learn about key laws that have been passed that impacted it.
  9. Economics

    What regulations are in place that affect fracking?

    Read about some of the regulations that impact the practice of hydraulic fracturing, which is used to increase oil and gas well output.
  10. Fundamental Analysis

    How can quantitative easing be effective in the economy?

    Take a deeper look at the impacts of the Federal Reserve's large scale asset purchase plan, better known as quantitative easing, or QE.

You May Also Like

Hot Definitions
  1. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  2. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  3. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  4. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  5. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  6. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
Trading Center