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The Uniform Limited Partnership Act (2001) Comes to Kentucky: An Owner's Manual

2006 saw Kentucky adopt two new partnership laws governing the general and the limited partnership. Based on, respectively, the Uniform Partnership Act (1997) (RUPA) and the Uniform Limited Partnership Act (2001) (ULPA), each of these laws is at minimum a modernization of and in certain respects a reconceptualization of these business structures as previously understood. The objective of this article is not to provide an entirely comprehensive review of the new limited parternership act - such is beyond the scope of any article. This article is meant to be an initial, and not the final, step in appreciating how this new statute functions. Our objectives are to introduce the structural themes that are used in the law, to highlight particular provisions that will dictate different consequences then what would apply under the predecessor laws, review the rules applicable when interfacing with the Secretary of State, and highlight departures from the uniform acts made in the Kentucky adoption.