Partnership (LLLP-02 Rev. 03/08) available at www.sos.arkansas.gov. 10. Ark. Code Ann. § 4-47-201 (Supp. 2007). 11. The “Application for the Registration of Limited Liability Limited Partnership” was required by the former RULPA, and is still available at www.arkansas.gov (Rev. 4/06). 12. Model Registered Agents Act, 2007 Ark. Acts No. 638 §§ 56-7, which repealed Ark. Code Ann. §§ 4-27-102(4) and 4-27-114 to 117. See discussion in Jenny Wilkes Robertson & Alex T. Gray, “Survey of Legislation 2007 Arkansas General Assembly,” 30 UALR Law Rev. 613 (2008). 13. Ark. Code Ann. § 4-43-303(a) (Repl. 2001). 14. Ark. Code Ann. § 4-47-303 (Supp. 2007). 15. Ark. Code Ann. § 4-47- 404(a) (Supp. 2007). 16. Ark. Code Ann. § 4-47-404(c) (Supp. 2007) states that “An obligation of a limited partnership incurred while the limited partnership is a limited liability limited partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the limited partnership. A general partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or acting as a general partner. ” 17. Ark. Code Ann. § 4-46-404 (Repl. 2001). 18. See, e.g. Allan W. Vestal, “Fundamental Contractarian Error in the Revised Uniform Partnership Act of 1992,” 73 B.U. L. Rev. 523 (1993); Lawrence E. Mitchell, “The Naked Emperor: A Corporate Lawyer Looks at RUPA’s Fiduciary Provisions,” 54 Wash & Lee L. Rev. 465 (1997); Larry E. Ribstein, “Fiduciary Duties and Limited Partnership Agreements,” 37 Suffolk Univ. L. Rev. 927 (2004). 19. Ark. Code Ann. § 4-47-408(a) (Supp. 2007). 20. Ark. Code Ann. § 4-47-408(b) (Supp. 2007). 21. Ark. Code Ann. § 4-47-408(e) (Supp. 2007). 22. Ark. Code Ann. § 4-47-408(c) (Supp. 2007). 23. Ark. Code Ann. § 4-47-408(d) (Supp. 2007). 24. Ark. Code Ann. § 4-47-305(a) (Supp. 2007). 25. Ark. Code Ann. § 4-47-305(b) (Supp. 2007). 26. Ark. Code Ann. § 4-43-603 (Repl. 2001). 27. Ark. Code Ann. § 4-43-604 (Repl. 2001) provided that upon withdrawal, a partner was entitled to “the fair value of his interest in the limited partnership as of the date of withdrawal based upon his right to share in distributions from the limited partnership” unless otherwise provided in the limited partnership agreement. 28. Ark. Code Ann. § 4-47-601(a) (Supp. 2007) flatly states that “[a] person does not have a right to dissociate as a limited partner before the termination of the limited partnership. ” 29. Ark. Code Ann. § 4-47-601(b)(1) (Supp. 2007).
30. Ark. Code Ann. § 4-47-505 (Supp. 2007) states that “[a] person does not have a right to receive a distribution on account of dissociation. ” 31. Ark. Code Ann. § 4-47-602(a)(3) (Supp. 2007). 32. Ark. Code Ann. § 4-47-602(a)(1) (Supp. 2007). 33. See discussion in Robert T. Danforth, “The Role of Federalism in Administering a National System of Taxation,” 57 Tax Law. 625, 63334 (2004); Thomas Earl Geu, “Selected Estate Planning Aspects of the Uniform Limited Partnership Act (2001),” 37 Suffolk Univ. L. Rev. 735 (2004). 34. Ark. Code Ann. § 4-47-104(c) (Supp. 2007). 35. Ark. Code Ann. § 4-47-110(a) (Supp. 2007) (provisions which are waivable by the partnership agreement). 36. Ark. Code Ann. § 4-47-108(a) (Supp. 2007). 37. Ark. Code Ann. § 4-47-104(a) (Supp. 2007). 38. Ark. Code Ann. § 4-43-106 (Repl. 2001). 39. Ark. Code Ann. § 4-47-104(b) (Supp. 2007). 40. Unif. Limited Partnership Act (2001), 6A U.L.A. 366, Comment to § 104(b). 41. Id. 42. Id. 43. Ark. Code Ann. § 4-47-210 (Supp. 2007) . 44. Ark. Code Ann. § 4-27-1622 (Repl. 2001)(annual franchise tax report) . 45. Annual Report for Limited Partnership/ Limited Liability Limited Partnership (LP-AR Rev. 08/07) available at www.sos.arkansas.gov. 46. Ark. Code Ann. § 4-47-809(a)(2) (Supp. 2007). 47. Ark. Code Ann. § 4-43-503 (Repl. 2001). 48. Ark. Code Ann. § 4-47-503 (Supp. 2007). 49. Unif. Limited Partnership Act (2001) § 503 Comment, 6A U.L.A. 444 (2008). In the absence of any agreement on the allocation of profits and losses, the result should still be allocation on the basis of contributions. An introductory table to the Uniform Act which compares the two statutes states that “in the
twitter Follow and Comment on the Annual Meeting on Twitter. Use the hash tag #arkbar in your Tweets and use your Twitter software to do a search for the #arkbar hash tag. Official communications before and during the Annual Meeting can be received by following ARAnnualMeeting on Twitter. default mode, the Act’s formulation produces the same result as RULPA formulation.” Id. at 330. 50. Ark. Code Ann. § 4-27-640(c) (Repl. 2001). 51. Ark. Code Ann. § 4-47-508(b) (Supp. 2007). 52. Ark. Code Ann. § 4-47-603 (Supp. 2007). Compare Ark. Code Ann. § 4-46-601 (Repl. 2001). 53. Compare Ark. Code Ann. § 4-43-402 (Repl. 2001). 54. Ark. Code Ann. § 4-47-603(5) (Supp. 2007). 55. Ark. Code Ann. §§ 4-47-1101 to 1113 (Supp. 2007). 56. Ark. Code Ann. § 4-47-1101(8) (Supp. 2007). 57. Ark. Code Ann. § 4-43-801(3) (Repl. 2001). 58. Ark. Code Ann. § 4-47-801(2) (Supp. 2007). 59. Ark. Code Ann. §§4-47-806 to 807 (Supp. 2007). 60. Compare Ark. Code Ann. §§ 4-27-1406 to 1407 (Repl. 2001).
Coming Soon to a computer near you a NEW member friendly www.arkbar.com Vol. 44 No. 2/Spring 2009 The Arkansas Lawyer
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