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interest in partnership property. The partnership is treated as an | | entity separate from the partners for purposes of property | | interests. |
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| | | Under current Maine law, every partner has access at all times | | to inspect and copy the partnership's books and records. RUPA is | | generally the same as the current law except that access is also | | afforded to former partners with respect to books and records | | pertaining to the period during which they were partners. Also | | under RUPA, a partner's right of access to books and records may | | not be unreasonably restricted by the partnership agreement. | | Thus, reasonable restrictions by agreement are authorized. |
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| | | RUPA provides that partners and the partnership have an | | affirmative obligation to furnish to a partner without demand any | | information concerning the partnership's business and affairs | | reasonably required for the proper exercise of the partner's | | rights and duties under the partnership agreement for the act. | | As to other information, a partner and the partnership must | | furnish the information on demand, except to the extent that the | | demand or information is unreasonable or otherwise improper under | | the circumstances. Current law contains no express provision. |
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| | | RUPA clearly and exclusively defines the duties of loyalty and | | duty of care; it specifies that a partner may transact business | | with the partnership without violating any duties and it provides | | that there is no per se violation of a duty solely on account of | | the fact that the conduct furthers a partner's interest. There | | is no comparable provision in current law on standards of partner | | conduct, so it must be addressed by the common law. |
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| | | Current law does not address an action of the partnership | | against a partner. RUPA permits a partnership to maintain an | | action against a partner. |
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| | | Current Maine law provides that any partner has the right to a | | formal account as to partnership affairs under certain | | circumstances. The right of a partner to make an action against | | a partnership is much broader and more specific under RUPA. In | | particular, RUPA allows an action to be made against the | | partnership by a partner with or without an accounting as to the | | partnership business. |
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| | | Under current law, the partners are tenants in partnership as | | to partnership property. Under RUPA, a partner is not a co-owner | | of partnership property; a partner has no interest in partnership | | property that can be transferred. |
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