UPA and RUPA Differences
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.
Read more about this topic: Uniform Partnership Act
Famous quotes containing the word differences:
“The mother must teach her son how to respect and follow the rules. She must teach him how to compete successfully with the other boys. And she must teach him how to find a woman to take care of him and finish the job she began of training him how to live in a family. But no matter how good a job a woman does in teaching a boy how to be a man, he knows that she is not the real thing, and so he tends to exaggerate the differences between men and women that she embodies.”
—Frank Pittman (20th century)