The IRS notes in the preamble to the proposed regulations that, under the Revised Uniform Limited Partnership Act of 1985, many states have adopted laws that allow limited partners to participate in the management and control of the partnership without losing their limited liability In addition, under state limited liability company (LLC) laws, LLC members do not lose their limited liability by participating in the management and conduct of the LLC'S business.
What does RULPA stand for?
RULPA stands for Revised Uniform Limited Partnership Act
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Samples in periodicals archive:
In addition, the court found support for treating interests separately in the Revised Uniform Limited Partnership Act, which states that when a partner is both a general and a limited partner of a limited partnership, the partner is subject to the rules for general partners when acting in his or her capacity as a general partner and to the rules for limited partners when acting in his or her capacity as a limited partner.
Delaware Revised Uniform Limited Partnership Act Section 17-802 IV.
Further, under the Revised Uniform Limited Partnership Act, an LP who participates in a partnership's activity risks losing his or her limited liability protection and effectively reverting to GP status if he or she "participates in the control" of the partnership.
For summaries of Florida RUPA, see Larson, Florida's New Partnership Law: The Revised Uniform Limited Partnership Act and Limited Liability Partnership, 23 Fla.
The section also is partnering with the Business Law and Real Property, Probate and Trust Law sections in commissioning a rewrite of the Florida Revised Uniform Limited Partnership Act, and with the Real Property, Probate and Trust Law Section and the Elder Law Section in studying the Uniform Trust Code for potential adoption in Florida.
Electing Out of Subchapter K In FSA 200216005, (19) a limited partnership formed under a state Revised Uniform Limited Partnership Act (RULPA) could not elect out of subchapter K; the partners did not meet Sec.