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The manner of the election varies in accordance with state law. For example, in Delaware LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, while in Florida, Hawaii and Kentucky the election is made in the certificate of a limited partnership).
The Uniform Limited Liability Company Act (ULLCA), which includes a 2006 revision called the Revised Uniform Limited Liability Company Act, is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of limited liability companies (often called LLCs) by U.S. states.
Tax capital accounts are partners' "Outside Basis" (however, unlike outside basis, the partnership's recourse and nonrecourse liabilities are not included in partners' tax-basis capital accounts) and under Section 722 are initially determined by reference to the partner's contributed cash amount and the adjusted basis of the contributed property.
In New Zealand, Limited Partnerships are a form of partnership involving General Partners, (who are liable for all the debts and liabilities of the partnership) and Limited Partners (who are liable to the extent of their capital contribution to the partnership). The Limited Partnerships Act 2008 replaces Special Partnerships that exist under ...
California passed its domestic partnership statute in 1999, defining it as two adults who share their lives in “an intimate and committed relationship of mutual caring,” regardless of gender ...
If a retiring partner agrees to withdraw less than the amount in his capital account, the transaction will increase the capital accounts of the remaining partners. For example, if Partner C withdraws only $20,000 in settlement of the interest, the difference between Partner C's equity in the assets of the partnership and the amount of cash ...
During reduction of capital, sometimes the company returns a portion of the stock of a company to shareholder. A private company can reduce its capital in many different ways using new procedures for the reduction of capital under the Companies Act 2006. Before these provisions came in, a court order was required to reduce share capital [1]
The Uniform Partnership Act (UPA), which includes revisions that are sometimes called the Revised Uniform Partnership Act (RUPA), is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of business partnerships by U.S. States.