<P> The Uniform Partnership Act (UPA), which includes revisions that are sometimes called the Revised Uniform Partnership Act (RUPA), is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of business partnerships by U.S. States . Several versions of UPA have been promulgated by the NCCUSL, the earliest having been put forth in 1914, and the most recent in 1997 . </P> <P> The NCCUSL's first revision of UPA was promulgated in 1992 and amended in 1993 and 1994 . The 1994 revision was often referred to as the Revised Uniform Partnership Act (RUPA). Confusion arose when the 1996 and 1997 versions were also called RUPA . Because of this confusion, the NCCUSL now officially refers to each UPA version as "Uniform Partnership Act (year)," where "year" is replaced by the actual year that NCCUSL approved it . Many people still use the term "RUPA" to mean any version from 1994 forward . Thus, "RUPA" may actually imply any version of UPA except the 1914 version . </P> <P> The UPA and RUPA provide rules as to many aspects of a partnership relationship including formation, the ownership of partnership assets, the assessment of fiduciary duties, the settlement of partnership disputes, and termination . Each allows modification of these rules in the individual agreement among the partners . RUPA is significantly more detailed than is the UPA as to the degree to which the partnership agreement may modify the default rules set forth in the statute . RUPA also clarifies the nature of a partnership itself by clearly defining it as an entity rather than an aggregation of individuals . There are also a number of other important differences between UPA (1914) and subsequent versions . </P> <P> The 1914 version of the UPA was enacted into law in every state except Louisiana . The most recent revision has been enacted into law by 37 states . The NCCUSL website lists the states that it considers to have adopted these and other uniform acts . However, due to state variations it is not appropriate to rely upon this listing . </P>

Uniform partnership act vs revised uniform partnership act