This chapter may be known and cited as "the Uniform Partnership Act."

§1103.__Effective date

This chapter takes effect July 1, 2006.

Comment

(This is Section 1204 of the Uniform Partnership Act (1997).)

The effective date of the Act established by an adopting State has operative effects under Section 1206, which defers mandatory application of the Act to existing partnerships.

§1104.__Applicability

1.__Application before July 1, 2006.__Before July 1, 2006, this chapter governs only a partnership formed:

A.__After July 1, 2006, except a partnership that is continuing the business of a dissolved partnership under former Title 31, section 318; and

B.__Before July 1, 2006 that elects, as provided by subsection 3, to be governed by this chapter.

2.__Application on and after July 1, 2006.__On and after July 1, 2006, this chapter governs all partnerships.

3.__Election before July 1, 2006.__Before July 1, 2006, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter.__The provisions of this chapter relating to the liability of the partnership's partners to 3rd parties apply to limit those partners' liability to a 3rd party who had done business with the partnership within one year before the partnership's election to be governed by this chapter only if the 3rd party knows or has received a notification of the partnership's election to be governed by this chapter.__A partnership may elect to be governed by this chapter by filing a statement of election stating the name of the partnership and that the partnership has made the election pursuant to this section.