Question

Liana and Tara are operating a business as a general partnership without an express partnership agreement. Should a dispute arise, the courts will look to ________ to resolve the issue regarding operation of the partnership.

Answer 1

Answer:

the Revised Uniform Partnership Act

Explanation:

Based on the information provided in the question, should a dispute arise, regarding the operations of Liana and Tara, the courts will look to The Revised Uniform Partnership Act (RUPA) to resolve the issues

the Revised Uniform Partnership Act is a model statute that dictates how partnerships should be set up and organized, as well as what the rights and duties of each of the partners should be. It is, as the name suggests, a revision of the Uniform Partnership Act (UPA), and has been adopted by almost every state.  

Answer 2

Answer: Revised Uniform Partnership Act

Explanation: The Revised Uniform Partnership Act can be described as a legislative statute which governs the establishment and running of businesses involving the collation of resources by more than one individual or corporation in other to start a new business or deal and thus enter into partnership. The Revised Uniform Partnership Act gives business partners adequate control over how they collectively wish the business should operate, using these to define the roles, duties and rights of each partner.The Revised Uniform Partnership Act could also be used in settling dispute between partners if the type of partnership involved is covered under the Revised Uniform Partnership Act such as GENERAL PARTNERSHIP which is the case of LIANA and TARA, and LIMITED LIABILITY PARTNERSHIP.