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Ala. Code § 10A-9A-4.01

Admission of General Partner.

Known as the Alabama Business and Nonprofit Entity Code

The act spans §§ 10A-1-1.01 to 10A-9A-9.09 (1,341 sections).

(Act 2016-379, §1.)

(a) Upon formation of a limited partnership, a person is admitted as a general partner as agreed among the persons that are to be the initial partners.

(b) After formation of a limited partnership, a person is admitted as a general partner:

(1) as provided in the partnership agreement;

(2) as the result of a transaction effective under Article 10 of this chapter or Article 8 of Chapter 1;

(3) with the consent of all the partners; or

(4) as provided in Section 10A-9A-8.01(c) or (e).

(c) A person may be admitted as a general partner without:

(1) acquiring a transferable interest; or

(2) making or being obligated to make a contribution to the partnership.

Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.