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. Early Warning Tests

    A series of financial ratios and other performance criteria used ...
RELATED FAQS
  1. I am starting a limited liability company (LLC). I will be the sole member. Can I ...

    In a word, yes. A limited liability company (LLC) is eligible to establish a simplified employee pension (SEP). Keep in ... Read Full Answer >>
  2. What role does the Inspector General play with the Securities and Exchange Commission?

    The inspector general of the U.S. Securities and Exchange Commission (SEC) oversees, audits and conducts investigations of ... Read Full Answer >>
  3. What is a private secondary market?

    Two kinds of private secondary markets exist. The first is a form of buying and selling of pre-existing financial commitments ... Read Full Answer >>
  4. How does the role of Medicare/Medicaid affect the drugs sector in the U.S.?

    Medicare and Medicaid have enormous influence on the pharmaceutical, or drugs, sector in the United States. For instance, ... Read Full Answer >>
  5. What are the ethical arguments against government subsidies to companies like Tesla?

    The ethical argument behind government subsidies is that they should be put into place to help industries that will, in turn, ... Read Full Answer >>
  6. Has deregulation helped or hurt the profitability of companies in the telecommunications ...

    Deregulation is almost always a double-edged sword in terms of business profitability. The profits of legally protected monopolies ... Read Full Answer >>
Related Articles
  1. 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.
  2. Entrepreneurship

    Should You Incorporate Your Business?

    Find out how becoming a corporation can protect and further your finances.
  3. Entrepreneurship

    Netflix's New Strategy: Penetrate Your Hotel Room

    Will Netflix’s new venture—to offer its media content in hotels—pay dividends? Investopedia explores the business potential and related developments.
  4. Economics

    Global Impact of China's Geopolitical Strategy

    China's geopolitical strategy is shifting the status quo from the Pacific to the Pentagon. Can the U.S. keep pace with Chinese military innovation?
  5. Economics

    3 Possibilities If Sanctions Against Iran Lift

    What would happen if sanctions against Iran were lifted?
  6. Taxes

    Gay Weddings Mean Big Business

    The coming boom in same sex marriages represents a money-making opportunity for anyone in the wedding industry.
  7. Economics

    Understanding Iran Sanctions by the US

    Considering US sanctions have been in place for almost 40 years, and Iran is still considered a troubled region, can we say they have been effective?
  8. Personal Finance

    Why Best Buy Failed in China

    Best Buy entered China with much fanfare in 2006. The Minnesota-based retailer exited quietly last year. What went wrong?
  9. Economics

    Industries That Will Benefit From Lifting Iran Sanctions

    After sanctions related to Iran's nuclear program are lifted, a number of global industries should benefit from the opening up of second largest country in the Middle East.
  10. Economics

    How Military Spending Affects The Economy

    Military spending is a one area where there is no private solution to replace the public purse, but it does end up impacting the economy.

You May Also Like

Hot Definitions
  1. OsMA

    An abbreviation for Oscillator - Moving Average. OsMA is used in technical analysis to represent the variance between an ...
  2. Investopedia

    One of the best-known sources of financial information on the internet. Investopedia is a resource for investors, consumers ...
  3. Unfair Claims Practice

    The improper avoidance of a claim by an insurer or an attempt to reduce the size of the claim. By engaging in unfair claims ...
  4. Killer Bees

    An individual or firm that helps a company fend off a takeover attempt. A killer bee uses defensive strategies to keep an ...
  5. Sin Tax

    A state-sponsored tax that is added to products or services that are seen as vices, such as alcohol, tobacco and gambling. ...
  6. Grandfathered Activities

    Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the United ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!