Uniform Partnership Act
Review the Uniform Partnership Act (1997) at http://www.uniformlaws.org/
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The section which I have chosen is voting requirement for one to become an LLP. The main reason why I have chosen this is because it contains a new section 1001(b) which provides various decisions for one to become an LLP. Therefore, this article provides enough information on the process of determining what one requires in order to fulfill the act of becoming a LLP. The section explains that for one to become a LLP, each partner among those in the process should consider a personal liability calculus. Every partner has the right of receiving contributions from other partners when the assets are insufficient to indemnity. This is done in exchange for being relieved of the obligation to supply to the personal liability of other people. For this reason, the calculus for each person is different from other depending with the size of the business in a given area. Therefore, this section details more on different activities for one to become a LLP.
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