Uniform Partnership Act(UPA)

Law

Legal Definition of Uniform Partnership Act

set of laws governing business partnerships that was adopted in 1914 by a national commission on uniform state laws but later superseded by a Revised Uniform Partnership Act in 1994. Forty-seven states have adopted the 1914 act, with three of those states repealing their enactments in favor of the 1994 act. Another three states have adopted only the 1994 act. The 1914 act embodied aspects of both the entity and aggregate theories of partnership and governed general and limited partnerships. The Revised Act retained the aggregate theory for some purposes and was intended as a set of default rules to apply when the partnership agreement did not address a situation. The Revised Act also no longer governed limited partnerships.

Learn More About Uniform Partnership Act

Dictionary Entries Near Uniform Partnership Act

Uniform Fraudulent Transfer Act

Uniform Partnership Act

Uniform Probate Code

See More Nearby Entries 

Cite this Entry

“Uniform Partnership Act.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/Uniform%20Partnership%20Act. Accessed 8 Dec. 2021.

Style: MLA
MLACheck Mark Icon ChicagoCheck Mark Icon APACheck Mark Icon Merriam-WebsterCheck Mark Icon

WORD OF THE DAY

Test Your Vocabulary

Farm Idioms Quiz

  • cow coming home
  • What does 'poke' refer to in the expression 'pig in a poke'?
Name That Thing

Test your visual vocabulary with our 10-question challenge!

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!