(a) A partnership is a separate legal entity. A partnership's status for tax purposes shall not affect its status as a separate legal entity formed under this chapter. A partnership is the same entity regardless of whether the partnership has a statement of limited liability partnership under Section 10A-8A-10.01 stating that the partnership is a limited liability partnership. A partner has no interest in any specific property of a partnership.
(b) A partnership may carry on any lawful business and may carry on any lawful not for profit activity if it complies with Section 10A-8A-2.02(b).
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 8A - Alabama Partnership Law
Article 1 - General Provisions.
Section 10A-8A-1.01 - Short Title.
Section 10A-8A-1.02 - Definitions.
Section 10A-8A-1.03 - Knowledge and Notice.
Section 10A-8A-1.04 - Nature and Purpose.
Section 10A-8A-1.05 - Powers; Indemnification.
Section 10A-8A-1.06 - Governing Law.
Section 10A-8A-1.07 - Supplemental Principles of Law; Rate of Interest.
Section 10A-8A-1.08 - Effect of Partnership Agreement; Nonwaivable Provisions.
Section 10A-8A-1.09 - Partnership Agreement; Effect on Partnership and Persons Admitted as Partners.
Section 10A-8A-1.11 - Required Information.
Section 10A-8A-1.12 - Transactions of Partner With Partnership.