The majority of states have adopted the 2001 revision of the Revised Uniform Limited Partnership Act (ReRULPA), which reflects that LLPs and LLCs can meet many of the needs formerly met by limited partnerships.

Question

Quizplus · Accepted Answer

The statement confuses the adoption of the 2001 revision of the Revised Uniform Limited Partnership Act (ReRULPA) with general trends in business entity formation. While it's true that LLPs and LLCs have become popular for needs formerly met by limited partnerships, the adoption of ReRULPA varies by state, and not the majority of states have adopted its 2001 revision specifically.

The Majority of States Have Adopted the 2001 Revision of the Revised