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Partnership Organization Under RULPA (Standard Partnership Opinion)


Abstract

The Revised Uniform Limited Partnership Act (RULPA), sets guidelines for the organization of limited partnerships, defined the rights and liabilities of both limited and general partners and provided rules for the registration of the partnership in the state of origin.

A partnership opinion is given in connection with an organization of a partnership, the admission of its initial limited partner, and the admission of additional limited partners pursuant to the terms of the Limited Partnership Agreement. The opinion is to whether all the necessary and proper procedures to form a partnership have been executed.