proposed law prepared by the National Conference of Commissioners on Uniform State Laws to apply to partnerships. Several states have adopted it. According to the Act, a partnership is an association of two or more individuals who carry on as co-owners of a business for profit.

law adopted in many states covering the distribution of assets in partnerships. Unless the partners state otherwise, they will share equally in the profits and surplus remaining after liabilities are paid. A tenancy in partnership similar to a joint tenant agreement is created, giving each partner the right to use jointly owned property. These rights are not assignable, and partners are not liable for personal obligations of another partner.