Uniform Limited Partnership Act

The Uniform Limited Partnership Act (ULPA) is a law that provides a framework for forming and operating 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 contribute capital but have limited liability and do not partake in management. The ULPA standardizes rules regarding the formation, operation, and dissolution of these partnerships, making it easier for businesses to organize and understand their rights and responsibilities within this structure.