Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-8A-1.04.htm |
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Depth: | 0 singles |
Size: | 975 bytes |
Modified: | 2018-11-13 08:15:58 |
Categories: | -None- |
Title: | 10A-8A-1.04 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-8A-1.04 Nature and purpose. (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). (Act 2018-125, ยง7.) |