Nature of a Partnership

Preliminary Provisions and the Nature of a Partnership Under the UPA, 9 HBJ 83.

§425-106 Partnership defined. [Repealed July 1, 2000. For new provision, see below.] (1) A partnership is an association (including a joint venture) of two or more persons to carry on as co-owners a business for profit.

(2) But any association formed under any other statute of this State, or any statute adopted by authority, other than the authority of this State, is not a partnership under this part, unless such association would have been a partnership in this State prior to the adoption of this part; but this part shall apply to limited partnerships, limited liability partnerships, and subject to section 425-162, foreign limited liability partnerships, except insofar as the statutes relating to such partnerships are inconsistent herewith. [L 1972, c 17, §6; am L 1996, c 93, §3]

§425-106 Governing law. [Section effective July 1, 2000. For present provision, see above.] Except as otherwise provided in section 425-161, the law of the jurisdiction in which a partnership has its chief executive office governs relations among the partners and between the partners and the partnership. [L 1999, c 284, pt of §1]