Uniform Partnership Act
Tennessee · Partnerships · §§ 61-1-1001 to 61-1-908 · 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.
In the courts
Sections of this act have been cited in 32 court decisions.
Most-cited authority: 291 B.R. 740 - Haney v. Copeland (In Re Copeland)
Sections covered
- Tenn. Code Ann. § 61-1-1001Application process — Registered limited liability partnership
- Tenn. Code Ann. § 61-1-1002Registered office — Registered agent
- Tenn. Code Ann. § 61-1-1003Name
- Tenn. Code Ann. § 61-1-1004Activities outside the state — Foreign registered limited liability partnership
- Tenn. Code Ann. § 61-1-1005Professional registered limited liability partnerships
- Tenn. Code Ann. § 61-1-1006Certificate of existence
- Tenn. Code Ann. § 61-1-101Chapter definitions12 cites
- Tenn. Code Ann. § 61-1-102Knowledge and notice
- Tenn. Code Ann. § 61-1-103Effect of partnership agreement — Nonwaivable provisions1 cite
- Tenn. Code Ann. § 61-1-104Supplemental principles of law1 cite
- Tenn. Code Ann. § 61-1-105Execution, filing, and recording of statements1 cite
- Tenn. Code Ann. § 61-1-106Governing law2 cites
- Tenn. Code Ann. § 61-1-107Partnership subject to amendment or repeal of chapter
- Tenn. Code Ann. § 61-1-1201Uniformity of application and construction
- Tenn. Code Ann. § 61-1-1202Short title
- Tenn. Code Ann. § 61-1-1203Severability clause
- Tenn. Code Ann. § 61-1-1204Effective date
- Tenn. Code Ann. § 61-1-1205Repeals
- Tenn. Code Ann. § 61-1-1206Applicability
- Tenn. Code Ann. § 61-1-1207Savings clause
- Tenn. Code Ann. § 61-1-1208Filing fees
- Tenn. Code Ann. § 61-1-201Partnership as entity
- Tenn. Code Ann. § 61-1-202Formation of partnership1 cite
- Tenn. Code Ann. § 61-1-203Partnership property
- Tenn. Code Ann. § 61-1-204When property is partnership property
- Tenn. Code Ann. § 61-1-301Partner agent of partnership1 cite
- Tenn. Code Ann. § 61-1-302Transfer of partnership property
- Tenn. Code Ann. § 61-1-303Statement of partnership authority
- Tenn. Code Ann. § 61-1-304Statement of denial
- Tenn. Code Ann. § 61-1-305Partnership liable for partner's actionable conduct
- Tenn. Code Ann. § 61-1-306Partner's liability2 cites
- Tenn. Code Ann. § 61-1-307Actions by and against partnership and partners
- Tenn. Code Ann. § 61-1-308Purported partner
- Tenn. Code Ann. § 61-1-401Partner's rights and duties1 cite
- Tenn. Code Ann. § 61-1-402Distributions in kind
- Tenn. Code Ann. § 61-1-403Partner's rights and duties with respect to information
- Tenn. Code Ann. § 61-1-404General standards of partner's conduct
- Tenn. Code Ann. § 61-1-405Actions by partnership and partners
- Tenn. Code Ann. § 61-1-406Continuation of partnership beyond definite term or particular undertaking
- Tenn. Code Ann. § 61-1-407Classes and voting
- Tenn. Code Ann. § 61-1-501Partner not a co-owner of partnership property1 cite
- Tenn. Code Ann. § 61-1-502Partner's transferable interest in partnership1 cite
- Tenn. Code Ann. § 61-1-503Transfer of partner's transferable interest
- Tenn. Code Ann. § 61-1-504Partner's transferable interest subject to charging order1 cite
- Tenn. Code Ann. § 61-1-601Events causing partner's dissociation1 cite
- Tenn. Code Ann. § 61-1-602Partner's power to dissociate — Wrongful dissociation1 cite
- Tenn. Code Ann. § 61-1-603Effect of partner's dissociation
- Tenn. Code Ann. § 61-1-701Purchase of dissociated partner's interest
- Tenn. Code Ann. § 61-1-702Dissociated partner's power to bind and liability to partnership1 cite
- Tenn. Code Ann. § 61-1-703Dissociated partner's liability to other persons
- Tenn. Code Ann. § 61-1-704Statement of dissociation
- Tenn. Code Ann. § 61-1-705Continued use of partnership name
- Tenn. Code Ann. § 61-1-801Events causing dissolution and winding up of partnership business1 cite
- Tenn. Code Ann. § 61-1-802Partnership continues after dissolution
- Tenn. Code Ann. § 61-1-803Right to wind up partnership business1 cite
- Tenn. Code Ann. § 61-1-804Partner's power to bind partnership after dissolution
- Tenn. Code Ann. § 61-1-805Statement of dissolution
- Tenn. Code Ann. § 61-1-806Partner's liability to other partners after dissolution
- Tenn. Code Ann. § 61-1-807Settlement of accounts among partners2 cites
- Tenn. Code Ann. § 61-1-901Definitions
- Tenn. Code Ann. § 61-1-902Conversion of partnership to limited partnership
- Tenn. Code Ann. § 61-1-903Conversion of limited partnership to partnership
- Tenn. Code Ann. § 61-1-904Effect of conversion
- Tenn. Code Ann. § 61-1-905Merger of partnerships
- Tenn. Code Ann. § 61-1-906Effect of merger
- Tenn. Code Ann. § 61-1-907Statement of merger
- Tenn. Code Ann. § 61-1-908Nonexclusive
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, New Mexico, Ohio, Pennsylvania, South Carolina, South Dakota, Utah, Virginia, West Virginia, Wyoming
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