RULPA

General & Limited Partnerships

The 1976 Revised Uniform Limited Partnership Act (RULPA) states that two or more persons may form a limited partnership by executing and filing a certificate of limited partnership. Furthermore there must be at least one general and at least one limited partner in order for the Limited partnership to exists.

A Limited partner can be held liable for the entity's debts if he/she participated in the control of the business and if the third party made business transaction with the partnership believing tha...