Uniform Limited Partnership Act Law and Legal Definition

Uniform Limited Partnership Act (ULPA) is one of the uniform acts prepared and sponsored by the National Conference of Commissioners on Uniform State Laws. This act provides a flexible and stable basis for the organization of limited partnerships, helping states stimulate new partnership business ventures. The Act was promulgated originally in 1916. The first revision of ULPA after 1916 occurred in 1976. There were further amendments in 1985. However, changes in modern business practices made it necessary to update and modernize the ULPA beyond the 1976 and 1985 revisions. The Act was last revised in 2001. The new ULPA reflects modern business practices and represents a greater refinement of the scope and uses for limited partnerships. New ULPA is more complex and substantively longer than its predecessor. The Act is adopted by majority of the states in the U.S.