Uniform Partnership Act
New Mexico · Partnerships · §§ 54-1A-1001 to 54-1A-908 · 67 sections
Overview
The act governs the formation, internal operation, and eventual dissolution of general partnerships, treating the partnership as an entity that can own and transfer property, sue and be sued, and act through its partners as agents. It supplies default rules for the relationship among partners — fiduciary duties, access to books and records, distributions, and what a partner owns and may transfer — while setting the terms on which the partnership and its individual partners become liable to outsiders, including creditors who reach a partner's transferable interest by court order. It also establishes filing mechanisms through which authority, its denial, a partner's departure, and dissolution can be made a matter of public record, and it defines when a partner's dissociation triggers a buyout rather than the end of the business, along with the process for winding up and settling accounts when the partnership does terminate.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- § 54-1A-1001 NMSA 1978Statement of qualification
- § 54-1A-1002 NMSA 1978Statement of qualification; name
- § 54-1A-1003 NMSA 1978Annual report
- § 54-1A-1004 NMSA 197854-1A-1004, 54-1A-1005. Recompiled
- § 54-1A-101 NMSA 1978Definitions
- § 54-1A-102 NMSA 1978Knowledge and notice
- § 54-1A-103 NMSA 1978Effect of partnership agreement; nonwaivable provisions
- § 54-1A-104 NMSA 1978Supplemental principles of law
- § 54-1A-105 NMSA 1978Execution, filing and recording of statements
- § 54-1A-106 NMSA 1978Governing law
- § 54-1A-107 NMSA 1978Partnership subject to amendment or repeal of the Uniform Partnership Act (1994)
- § 54-1A-1101 NMSA 1978Law governing foreign limited liability partnership
- § 54-1A-1102 NMSA 1978Statement of foreign qualification
- § 54-1A-1103 NMSA 1978Effect of failure to qualify
- § 54-1A-1104 NMSA 1978Activities not constituting transacting business
- § 54-1A-1105 NMSA 1978Action by attorney general
- § 54-1A-1201 NMSA 1978Uniformity of application and construction
- § 54-1A-1202 NMSA 1978Short title
- § 54-1A-1203 NMSA 1978Savings clause
- § 54-1A-1204 NMSA 1978Severability
- § 54-1A-1205 NMSA 1978Applicability
- § 54-1A-1206 NMSA 1978Filing fees
- § 54-1A-201 NMSA 1978Partnership as entity
- § 54-1A-202 NMSA 1978Formation of partnership
- § 54-1A-203 NMSA 1978Partnership property
- § 54-1A-204 NMSA 1978When property is partnership property
- § 54-1A-301 NMSA 1978Partner agent of partnership
- § 54-1A-302 NMSA 1978Transfer of partnership property
- § 54-1A-303 NMSA 1978Statement of partnership authority
- § 54-1A-304 NMSA 1978Statement of denial
- § 54-1A-305 NMSA 1978Partnership liable for partner's actionable conduct
- § 54-1A-306 NMSA 1978Partner's liability
- § 54-1A-307 NMSA 1978Actions by and against partnership and partners
- § 54-1A-308 NMSA 1978Liability of purported partner
- § 54-1A-401 NMSA 1978Partner's rights and duties
- § 54-1A-402 NMSA 1978Distributions in kind
- § 54-1A-403 NMSA 1978Partner's rights and duties with respect to information
- § 54-1A-404 NMSA 1978General standards of partner's conduct
- § 54-1A-405 NMSA 1978Actions by partnership and partners
- § 54-1A-406 NMSA 1978Continuation of partnership beyond definite term or particular undertaking
- § 54-1A-501 NMSA 1978Partner not co-owner of partnership property
- § 54-1A-502 NMSA 1978Partner's transferable interest in partnership
- § 54-1A-503 NMSA 1978Transfer of partner's transferable interest
- § 54-1A-504 NMSA 1978Partner's transferable interest subject to charging order
- § 54-1A-601 NMSA 1978Events causing partner's dissociation
- § 54-1A-602 NMSA 1978Partner's power to dissociate; wrongful dissociation
- § 54-1A-603 NMSA 1978Effect of partner's dissociation
- § 54-1A-701 NMSA 1978Purchase of dissociated partner's interest
- § 54-1A-702 NMSA 1978Dissociated partner's power to bind and liability to partnership
- § 54-1A-703 NMSA 1978Dissociated partner's liability to other persons
- § 54-1A-704 NMSA 1978Statement of dissociation
- § 54-1A-705 NMSA 1978Continued use of partnership name
- § 54-1A-801 NMSA 1978Events causing dissolution and winding up of partnership business
- § 54-1A-802 NMSA 1978Partnership continues after dissolution
- § 54-1A-803 NMSA 1978Right to wind up partnership business
- § 54-1A-804 NMSA 1978Partner's power to bind partnership after dissolution
- § 54-1A-805 NMSA 1978Statement of dissolution
- § 54-1A-806 NMSA 1978Partner's liability to other partners after dissolution
- § 54-1A-807 NMSA 1978Settlement of accounts and contributions among partners
- § 54-1A-901 NMSA 1978Definitions
- § 54-1A-902 NMSA 1978Conversion of partnership to limited partnership
- § 54-1A-903 NMSA 1978Conversion of limited partnership to partnership
- § 54-1A-904 NMSA 1978Effect of conversion; entity unchanged
- § 54-1A-905 NMSA 1978Merger of partnerships
- § 54-1A-906 NMSA 1978Effect of merger
- § 54-1A-907 NMSA 1978Statement of merger
- § 54-1A-908 NMSA 1978Nonexclusive
Enacted in other states
Alaska, Arkansas, California, Colorado, Connecticut, District of Columbia, Iowa, Idaho, Illinois, Indiana, Kentucky, Minnesota, Montana, North Carolina, New Hampshire, New Jersey, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia, West Virginia, Wyoming
All New Mexico named statutes →
Download
Copy
Embed on your site
Hover to preview · click to copy the code