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." The amendment clarifies that any partnership consisting solely of spouses formed since January 10, 1942, constitutes a valid partnership. Additionally, the bill states that any association formed under other statutes is not considered a partnership unless it would have qualified as one prior to the adoption of this act.

Furthermore, the bill maintains that the act applies to limited partnerships, except where there are inconsistencies with existing statutes regarding limited partnerships. The enactment of this amendment 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