Time for Another New Business Statute: The Case for the Uniform Limited Partnership Act
By Carol Goforth · October 15, 2004 · 2004 Ark. L. Notes
In categories: Archive
Arkansas has always been willing to carefully consider the merits of uniform legislation promulgated by such organizations as the National Conference of Commissions on Uniform State Law (NCCUSL). Consider our partnership statutes. In 1941, Arkansas adopted the Uniform Partnership Act, which was substantially based upon the Uniform Partnership Act originally drafted by NCCUSL in 1914. Following a detailed report and recommendations from the American Bar Association, NCCUSL promulgated a substantially revised Uniform Partnership Act in 1994. This act, however, was quickly amended in several important ways by NCCUSL, and in 1999 Arkansas adopted the version of the Uniform Partnership Act which NCCUSL proposed in 1996, calling it the Uniform Partnership Act (1996). Arkansas’ current general partnership statute is essentially identical to NCCUSL’s Uniform Partnership Act (1996), although the state’s version does contain specific information about the repeal of the earlier Arkansas statute and other administrative matters not specified in the uniform version.