(a) Before January 1, 2002, this chapter governs only a partnership formed:

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Terms Used In Tennessee Code 61-1-1206

  • Business: means every trade, occupation, and profession and any other activity, including the holding or ownership of property, entered into for profit. See Tennessee Code 61-1-101
  • 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 (2) or more persons to carry on as co-owners of a business or other undertaking for profit formed under §. See Tennessee Code 61-1-101
  • Partnership agreement: means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Tennessee Code 61-1-101
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) After January 1, 2002, unless that partnership is continuing the business of a dissolved partnership under § 61-1-129 of the prior Uniform Partnership Act; and
(2) Before January 1, 2002, that elects, as provided by subsection (c), to be governed by this chapter.
(b) After January 1, 2002, this chapter governs all partnerships.
(c) Before January 1, 2002, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership’s partners to third parties apply to limit those partners’ liability to a third party who had done business with the partnership within one (1) year preceding the partnership’s election to be governed by this act, only if the third party knows or has received a notification of the partnership’s election to be governed by this chapter.
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