The bill amends the Uniform Partnership Act of 1917 by updating the definition of a partnership. It specifies that a partnership is an association of two or more persons, now explicitly including "spouses" instead of just "husband and wife," who operate as co-owners of a business for profit. Additionally, it clarifies that any partnership consisting solely of spouses formed since January 10, 1942, constitutes a valid partnership. The language also emphasizes that any association formed under other statutes is not considered a partnership under this act unless it would have qualified as such prior to the act's adoption.

Furthermore, the bill modifies the applicability of the act to limited partnerships, stating that it applies unless there are inconsistencies with the statutes governing those limited partnerships. The enactment of this amendatory act is contingent upon the approval of specific Senate or House Joint Resolutions becoming part of the state constitution.

Statutes affected:
House Introduced Bill: 449.6