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