Uniform Partnership Act of 1914

The Uniform Partnership Act of 1914 was a model law designed to regulate how partnerships operate in the United States. It provided a standardized legal framework that states could adopt to define the rights, responsibilities, and liabilities of partners, including aspects like profit sharing, decision-making, and dissolution of the partnership. The goal was to create clarity and consistency, making it easier for partners to understand their roles and for courts to settle disputes. While it was a model law and not automatically binding, many states adopted its provisions to promote fair and transparent partnerships.