Partnerships
2/12/2008 2:00:24 PM EST
R. Bradbury Clark -- The Effect of California's Uniform Partnership Act of 2008 on Partnership Purposes
Of Counsel, O'Melveny & Myers, LLP, Los Angeles, California
California's Uniform Limited Partnership Act of 2008 has changed one of the basic tenets of limited partnerships: their permitted purposes. Prior to the 2008 Act, limited partnerships could be formed only for the same purposes as a general partnership and that is to "carry on a business for profit." R. Bradbury Clark writes that the 2008 Act is modeled on the 2001 Uniform Limited Partnership Act so that it now is possible to organize a
California limited partnership for any lawful purpose, other than as a banking, insurance, or trust company business.
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