| (1) |
Before January 1, 2016, this chapter governs only:
Terms Used In Utah Code 48-1d-1405- Business: includes every trade, occupation, and profession. See Utah Code 48-1d-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means an association of two or more persons to carry on as co-owners a business for profit formed under this chapter or that becomes subject to this chapter under 10, or Section 48-1d-1405. See Utah Code 48-1d-102
- Partnership agreement: means the agreement, whether or not referred to as a partnership agreement, and whether oral, implied, in a record, or in any combination thereof, of all the partners of a partnership concerning the matters described in Subsection 48-1d-106(1). See Utah Code 48-1d-102
| (a) |
a partnership formed on or after January 1, 2014; and |
| (b) |
except as otherwise provided in Subsection (3), a partnership formed before January 1, 2014, which elects, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be subject to this chapter. |
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| (2) |
Except as otherwise provided in Subsection (3), on and after January 1, 2016, this chapter governs all partnerships. |
| (3) |
With respect to a partnership that elects pursuant to Subsection (1)(b) to be subject to this chapter, after the election takes effect the provisions of this chapter relating to the liability of the partnership’s partners to third parties apply:
| (a) |
before January 1, 2016, to:
| (i) |
a third party that had not done business with the partnership in the year before the election took effect; and |
| (ii) |
a third party that had done business with the partnership in the year before the election took effect only if the third party knows or has received a notification of the election; and |
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| (b) |
on and after January 1, 2016, to all third parties, but those provisions remain inapplicable to any obligation incurred while those provisions were inapplicable under Subsection (3)(a)(ii). |
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Enacted by Chapter 412, 2013 General Session
