Tennessee Amendments to the Revised Uniform Partnership Act of 2001

• Category: Tennessee Secretary of State - General Partnership
• State: Tennessee
• Control #: TN-SKU-1196
• Format: PDF

Description

Amendments to the Revised Uniform Partnership Act of 2001 Tennessee Amendments to the Revised Uniform Partnership Act of 2001 (TAR UPA) is a set of state laws that modify the original version of the Revised Uniform Partnership Act (RPA) of 2001. TAR UPA was adopted by the state of Tennessee in 2004 to provide additional clarity and protection to business partners in regard to their rights and obligations. The main focus of the TAR UPA is to provide more specific guidance to partners in regard to their fiduciary and financial duties, as well as to update the RPA to reflect current business practices. The amendments consist of five categories: Fiduciary Duties, Financial Duties, Taxation, Dissolution, and Limited Liability Partnerships. The Fiduciary Duty Amendment clarifies the duties of partners towards each other, including the duty of loyalty, the duty of care, the duty of disclosure, and the duty of good faith. The Financial Duty Amendment outlines the financial rights and obligations of the partners, including the right to indemnification, the right to review financial records, the duty to make financial contributions, and the duty to account for and pay expenses. The Taxation Amendment clarifies the taxation of partnerships, including the calculation of profits or losses, the responsibility for taxes, and the taxation of distributions. The Dissolution Amendment outlines the process for dissolving a partnership, including the termination of the partnership agreement, the distribution of assets, and the application of any remaining funds. Finally, the Limited Liability Partnership Amendment outlines the requirements for forming a Limited Liability Partnership, including the filing of a Certificate of Limited Liability Partnership, the contribution of capital, and the limitation of personal liability.

Tennessee Amendments to the Revised Uniform Partnership Act of 2001 (TAR UPA) is a set of state laws that modify the original version of the Revised Uniform Partnership Act (RPA) of 2001. TAR UPA was adopted by the state of Tennessee in 2004 to provide additional clarity and protection to business partners in regard to their rights and obligations. The main focus of the TAR UPA is to provide more specific guidance to partners in regard to their fiduciary and financial duties, as well as to update the RPA to reflect current business practices. The amendments consist of five categories: Fiduciary Duties, Financial Duties, Taxation, Dissolution, and Limited Liability Partnerships. The Fiduciary Duty Amendment clarifies the duties of partners towards each other, including the duty of loyalty, the duty of care, the duty of disclosure, and the duty of good faith. The Financial Duty Amendment outlines the financial rights and obligations of the partners, including the right to indemnification, the right to review financial records, the duty to make financial contributions, and the duty to account for and pay expenses. The Taxation Amendment clarifies the taxation of partnerships, including the calculation of profits or losses, the responsibility for taxes, and the taxation of distributions. The Dissolution Amendment outlines the process for dissolving a partnership, including the termination of the partnership agreement, the distribution of assets, and the application of any remaining funds. Finally, the Limited Liability Partnership Amendment outlines the requirements for forming a Limited Liability Partnership, including the filing of a Certificate of Limited Liability Partnership, the contribution of capital, and the limitation of personal liability.