CNMI adopts the Uniform Partnership Act

In a move which will clarify how business is done via partnerships in the Commonwealth, Acting Governor Villagomez has signed House Bill 15-178 (now Public Law 15-88). The new Public Law 15-88 adopts American partnership laws through the Uniform Partnership Act of 1997. The Saipan Tribune reports that we are joining 49 US States who have adopted the Uniform Partnership Act of 1997. The new law incorporates common law on partnerships as well as how to deal with complex issues such as dissolution and limited liability partnerships.