Which of the following best describes the Revised Uniform Limited Partnership Act?
A) It is a federal statute governing all limited partnerships.
B) It is a standard law that is state law in the states that have enacted it, generally applies to limited partnerships, and replaces an earlier uniform law covering limited partnerships.
C) It is a standard law passed in every state that applies to limited partnerships, and takes precedence over any contrary provisions in a limited partnership agreement.
D) It is a federal statute that states must choose to implement.
E) It is a standard law that applies in all states, and applies to all aspects of limited partnerships, except for dissolution.
Correct Answer:
Verified
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