The bill amends the Uniform Partnership Act of 1917 by redefining the term "partnership" to clarify that it is an association of two or more persons, specifically referring to "spouses" rather than "husband and wife." This change aims to modernize the language of the law to be more inclusive. Additionally, the bill establishes that any partnership consisting solely of spouses formed since January 10, 1942, is considered a valid partnership.

Furthermore, the bill specifies that associations formed under other statutes are not recognized as partnerships unless they would have qualified as such prior to the adoption of this act. It also clarifies that the act applies to limited partnerships unless there are inconsistencies with existing statutes. The enactment of this amendment is contingent upon the approval of a related Senate or House Joint Resolution becoming part of the state constitution.

Statutes affected:
House Introduced Bill: 449.6