ARTICLE: FLORIDA'S NEW PARTNERSHIP LAW: THE REVISED UNIFORM PARTNERSHIP ACT AND LIMITED LIABILITY PARTNERSHIPS* Skip over navigation
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Copyright (c) 1995 Florida State University Law Review
Florida State University Law Review

ARTICLE: FLORIDA'S NEW PARTNERSHIP LAW: THE REVISED UNIFORM PARTNERSHIP ACT AND LIMITED LIABILITY PARTNERSHIPS*



* Copyright 1995 by John W. Larson.

Fall, 1995

23 Fla. St. U.L. Rev. 201

Author

John W. Larson**

Excerpt

I. INTRODUCTION

The 1995 Florida Legislature dramatically transformed Florida's partnership law by enacting the Florida Revised Uniform Partnership Act (FRUPA or the Revised Florida Act) and by authorizing registered limited liability partnerships (known as RLLPs or LLPs) in Florida. 1

In 1994, the National Conference of Commissioners on Uniform State Laws (NCCUSL) approved a final revision of the Uniform Partnership Act (RUPA or the Revised Uniform Act). 2 Although dramatically different in many ways from the original Uniform Partnership Act (UPA), RUPA is an evolution of traditional partnership law rather than a radical departure from the past. Florida was the fifth state 3 to adopt RUPA, 4 to which it made relatively few changes.

Although enacted as a part of the same bill, the limited liability partnership provisions were not part of RUPA. 5 Despite their fundamentally different character, limited liability partnerships have swept the nation in the past four years. 6 An LLP is simply a general partnership except that, by virtue of the statutory LLP provisions, the partners have no personal liability, as partners, for certain debts and obligations of the partnership. The LLP provisions usually amend the state's basic partnership act, 7 but in a few states, including Florida, they are separate from, but operate in conjunction with, the state's partnership act. 8

After eighty years of nearly uniform and virtually unchanged partnership law, the recent passage of these two laws has ushered in a truly new era of partnership jurisprudence, both in ...
 
 
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