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    Uniform Partnership Act of 1997

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    What is the Uniform Partnership Act of 1997 and what is the relevance to partnership accounting? What types of items are typically included in the partnership agreement? Explain.

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    What is the Uniform Partnership Act of 1997 and what is the relevance to partnership accounting?
    This is an act gives partners a set of "default rules" that govern if the partnership agreement does not address a particular set of circumstances (or there is no written agreement), typically about rights to partnership property, partner duties, and rights to income/losses/cash flows. All but one (Louisiana) has adopted this act. This act also indicates what cannot be included in a partnership agreement, such as keeping the books secret or not requiring ...

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    This solution reviews the Uniform Partnership Act of 1997 in 295 words, including two references.

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