In Florida, what statutory law governs limited partnerships?

The Florida Revised Uniform Limited Partnership Act governs limited partnerships in Florida, establishing the legal framework under which they operate. This statutory law outlines the formation, management, and dissolution of limited partnerships, ensuring compliance with state regulations.

The Act provides clarity on the roles of general and limited partners, their responsibilities, and their rights. It also helps in addressing issues such as fiduciary duties, liability, and the processes required for making changes within the partnership. This comprehensive statute is crucial for anyone involved in or considering forming a limited partnership in Florida, as it sets the foundational legal guidelines that must be adhered to.

The other options pertain to different forms of business organizations or the partnerships not specifically focusing on limited partnerships. The Florida Partnership Act generally deals with general partnerships, while the Limited Liability Companies Act relates to LLCs, and the Uniform Partnership Act applies more broadly to partnerships without distinguishing between limited or general partners. Thus, the Florida Revised Uniform Limited Partnership Act is specifically tailored to the needs and regulations surrounding limited partnerships in the state.