The Effect of California's Uniform Partnership Act of 2008 on Partnership Purposes

California's Uniform Limited Partnership Act of 2008 has changed one of the basic tenets of limited partnerships: their permitted purposes. Prior to the 2008 Act, limited partnerships could be formed only for the same purposes as a general partnership and that is to "carry on a business for profit." R. Bradbury Clark writes that the 2008 Act is modeled on the 2001 Uniform Limited Partnership Act so that it now is possible to organize a California limited partnership for any lawful purpose, other than as a banking, insurance, or trust company business.