(a) A limited partnership is a separate legal entity. A limited partnership's status for tax purposes shall not affect its status as a separate legal entity formed under this chapter. A limited partnership is the same entity regardless of whether its certificate of formation states that the limited partnership is a limited liability limited partnership. A partner has no interest in any specific property of a limited partnership.
(b) A limited partnership may carry on any lawful activity, whether or not for profit, except a banking or insurance business.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 9A - Alabama Limited Partnership Law.
Article 1 - General Provisions.
Section 10A-9A-1.01 - Short Title.
Section 10A-9A-1.02 - Definitions.
Section 10A-9A-1.03 - Knowledge and Notice.
Section 10A-9A-1.04 - Nature and Purpose.
Section 10A-9A-1.05 - Powers; Indemnification.
Section 10A-9A-1.06 - Governing Law.
Section 10A-9A-1.07 - Supplemental Principles of Law; Rate of Interest.
Section 10A-9A-1.08 - Effect of Partnership Agreement; Nonwaivable Provisions.
Section 10A-9A-1.11 - Required Information.
Section 10A-9A-1.12 - Transactions of Partner With Partnership.