Subject to Section 10A-8A-7.01, a partner has a right to a distribution before the dissolution and winding up of a partnership as provided in the partnership agreement. A decision to make a distribution before the dissolution and winding up of the partnership is a decision in the ordinary course of the business or not for profit activity of the partnership.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 8A - Alabama Partnership Law
Article 4 - Relations of Partners to Each Other and to Partnership.
Section 10A-8A-4.01 - Partner's Rights and Duties.
Section 10A-8A-4.02 - Admission of Partner.
Section 10A-8A-4.03 - Form of Contribution.
Section 10A-8A-4.04 - Liability for Contribution.
Section 10A-8A-4.05 - Sharing of Distributions Before Dissolution.
Section 10A-8A-4.06 - Interim Distributions.
Section 10A-8A-4.07 - Distribution in Kind.
Section 10A-8A-4.08 - Right to Distribution.
Section 10A-8A-4.09 - Limitations of Distribution and Liability for Improper Distributions.
Section 10A-8A-4.10 - Right of Partner and Former Partner to Information.
Section 10A-8A-4.11 - General Standards of Partner's Conduct.
Section 10A-8A-4.12 - Reliance on Reports and Information.
Section 10A-8A-4.13 - Actions by Partnership and Partners.
Section 10A-8A-4.14 - Continuation of Partnership Beyond Definite Term or Particular Undertaking.