The Revised Uniform Limited Partnership Act

The Revised Uniform Limited Partnership Act (RULPA) is a set of legal guidelines that governs limited partnerships in the United States. A limited partnership consists of at least one general partner, who manages the business and has unlimited liability, and one or more limited partners, who invest but have liability only up to their investment amount. RULPA aims to standardize rules about formation, operation, and termination of these partnerships, enhancing clarity and predictability in business relationships. It addresses issues such as partnership agreements, rights of partners, and the implications for liability, ensuring fair treatment for all involved.