What is the purpose of the Uniform Partnership Act (UPA)?
A) It legally terminates the business upon the death of a partner.
B) It governs partnerships in the absence of other expressed agreements.
C) It provides the protection of limited liability for shareholders.
D) It combines the advantages of a corporation with the benefits of a partnership.

Question

Quizplus · Accepted Answer

The purpose of the Uniform Partnership Act (UPA) is to provide a set of default rules that govern partnerships in the absence of other expressed agreements. It clarifies the rights and responsibilities of partners and outlines the procedures for dissolving a partnership. The other choices are not accurate descriptions of the purpose of UPA.

What Is the Purpose of the Uniform Partnership Act (UPA)