“Partnership Act”

see Uniform Partnership Act

set of laws governing business partnerships that was adopted in 1914 by a national commission on uniform state laws but later superseded by a Revised Uniform Partnership Act in 1994. Forty-seven states have adopted the 1914 act, with three of those states repealing their enactments in favor of the 1994 act. Another three states have adopted only the 1994 act. The 1914 act embodied aspects of both the entity and aggregate theories of partnership and governed general and limited partnerships. The Revised Act retained the aggregate theory for some purposes and was intended as a set of default rules to apply when the partnership agreement did not address a situation. The Revised Act also no longer governed limited partnerships.