(a) A limited partnership shall possess and may exercise all the powers and privileges granted and enumerated by Chapter 1 or by any other law or by its partnership agreement, together with any powers incidental thereto, including those powers and privileges necessary or convenient to the conduct, promotion, or attainment of the business, purposes, or activities and affairs of the limited partnership and including the power to sue, be sued, and defend in its own name and to maintain an action against a partner for harm caused to the limited partnership by a breach of the partnership agreement or violation of a duty to the partnership.
(b) A limited partnership may indemnify and hold harmless a partner or other person, pay in advance or reimburse expenses incurred by a partner or other person, and purchase and maintain insurance on behalf of a partner or other person.
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.