Uniform Partnership Act of 1997

The Uniform Partnership Act of 1997 (UPA 1997) is a legal framework that standardizes how partnerships—businesses owned by two or more people—are formed and operated. It outlines responsibilities, profit sharing, decision-making processes, and procedures for resolving disputes. The act emphasizes each partner’s duty of good faith and proper conduct, promotes transparency, and helps manage what happens if partners disagree or if a partner wants to leave. Essentially, UPA 1997 provides a clear set of rules to ensure partnerships run smoothly and fairly, reducing conflicts and legal uncertainties.