Virginia Uniform Partnership Act

Virginia · 50 · §§ 50-73.100 to 50-73.99 · 76 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 42 court decisions.

Most-cited authority: 182 F. Supp. 2d 14 - Shenandoah Associates Ltd. Partnership v. Tirana

Sections covered

Va. Code Ann. § 50-73.100Distributions in kind
Va. Code Ann. § 50-73.101Partner's rights and duties with respect to information
Va. Code Ann. § 50-73.102General standards of partner's conduct3 cites
Va. Code Ann. § 50-73.103Actions by partnership and partners
Va. Code Ann. § 50-73.104Continuation of partnership beyond definite term or particular undertaking
Va. Code Ann. § 50-73.105Partner not co-owner of partnership property1 cite
Va. Code Ann. § 50-73.106Partner's transferable interest in partnership2 cites
Va. Code Ann. § 50-73.107Transfer of partner's transferable interest1 cite
Va. Code Ann. § 50-73.108Partner's transferable interest subject to charging order1 cite
Va. Code Ann. § 50-73.109Events causing partner's dissociation1 cite
Va. Code Ann. § 50-73.110Partner's power to dissociate; wrongful dissociation
Va. Code Ann. § 50-73.111Effect of partner's dissociation
Va. Code Ann. § 50-73.112Purchase of dissociated partner's interest2 cites
Va. Code Ann. § 50-73.113Dissociated partner's power to bind partnership
Va. Code Ann. § 50-73.114Dissociated partner's liability to other persons
Va. Code Ann. § 50-73.115Statement of dissociation
Va. Code Ann. § 50-73.116Continued use of partnership name
Va. Code Ann. § 50-73.117Events causing dissolution and winding up of partnership business3 cites
Va. Code Ann. § 50-73.118Partnership continues after dissolution
Va. Code Ann. § 50-73.119Right to wind up partnership business
Va. Code Ann. § 50-73.120Partner's power to bind partnership after dissolution
Va. Code Ann. § 50-73.121Statement of dissolution
Va. Code Ann. § 50-73.122Partner's liability to other partners after dissolution
Va. Code Ann. § 50-73.123Settlement of accounts and contributions among partners2 cites
Va. Code Ann. § 50-73.124Definitions
Va. Code Ann. § 50-73.125Repealed
Va. Code Ann. § 50-73.126Conversion of limited partnership to partnership
Va. Code Ann. § 50-73.127Effect of conversion; entity unchanged
Va. Code Ann. § 50-73.128Merger of partnerships
Va. Code Ann. § 50-73.129Effect of merger
Va. Code Ann. § 50-73.130Repealed
Va. Code Ann. § 50-73.131Statement of merger
Va. Code Ann. § 50-73.132Registered limited liability partnerships
Va. Code Ann. § 50-73.133Name of registered limited liability partnership
Va. Code Ann. § 50-73.134Registered limited liability partnership annual continuation reports; automatic cancellation of registration; restoration of status
Va. Code Ann. § 50-73.135Registered office and registered agent
Va. Code Ann. § 50-73.136Amendment of statement of registration; effect of statement of registration
Va. Code Ann. § 50-73.137Cancellation of a registered limited liability partnership
Va. Code Ann. § 50-73.137:1Effect of cancellation of limited partnership certificate or registration
Va. Code Ann. § 50-73.137:2Known claims against dissolved registered limited liability partnership
Va. Code Ann. § 50-73.137:3Other claims against dissolved registered limited liability partnership
Va. Code Ann. § 50-73.137:4Court proceedings
Va. Code Ann. § 50-73.138Registration of foreign registered limited liability partnerships
Va. Code Ann. § 50-73.139Withdrawal of a foreign registered limited liability partnership
Va. Code Ann. § 50-73.140Effect of failure of foreign registered limited liability partnership to register
Va. Code Ann. § 50-73.141Applicability of chapter to foreign and interstate commerce
Va. Code Ann. § 50-73.142Limited partnerships as registered limited liability partnerships
Va. Code Ann. § 50-73.143Registration certificate required for registered limited liability partnership engaged in practice of law
Va. Code Ann. § 50-73.144Application and construction
Va. Code Ann. § 50-73.145Short title
Va. Code Ann. § 50-73.146Repealed
Va. Code Ann. § 50-73.147Applicability2 cites
Va. Code Ann. § 50-73.148Transition
Va. Code Ann. § 50-73.149Savings clause1 cite
Va. Code Ann. § 50-73.150Property title records
Va. Code Ann. § 50-73.79Definitions5 cites
Va. Code Ann. § 50-73.80Knowledge and notice
Va. Code Ann. § 50-73.81Effect of partnership agreement; nonwaivable provisions2 cites
Va. Code Ann. § 50-73.82Supplemental principles of law1 cite
Va. Code Ann. § 50-73.83Execution, filing, and recording of statements; effective time and date; refunds; penalty
Va. Code Ann. § 50-73.84Law governing internal relations1 cite
Va. Code Ann. § 50-73.85Transactions between partner and partnership
Va. Code Ann. § 50-73.86Partnership subject to amendment or repeal of chapter
Va. Code Ann. § 50-73.87Partnership as entity2 cites
Va. Code Ann. § 50-73.88Formation of partnership2 cites
Va. Code Ann. § 50-73.89Partnership property1 cite
Va. Code Ann. § 50-73.90When property is partnership property
Va. Code Ann. § 50-73.91Partner agent of partnership3 cites
Va. Code Ann. § 50-73.92Transfer of partnership property
Va. Code Ann. § 50-73.93Statement of partnership authority1 cite
Va. Code Ann. § 50-73.94Statement of denial
Va. Code Ann. § 50-73.95Partnership liable for partner's actionable conduct1 cite
Va. Code Ann. § 50-73.96Partner's liability2 cites
Va. Code Ann. § 50-73.97Actions by and against partnership and partners1 cite
Va. Code Ann. § 50-73.98Liability of purported partner1 cite
Va. Code Ann. § 50-73.99Partner's rights and duties

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, Tennessee, Utah, West Virginia, Wyoming

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