10A-8A-4.01
Section 10A-8A-4.01 Partner's rights and duties. (a) Each partner is deemed to have an account
that is: (1) credited with an amount equal to the money plus the value of any other property,
net of the amount of any liabilities, the partner contributes to the partnership and the partner's
share of the partnership profits; and (2) charged with an amount equal to the money plus the
value of any other property, net of the amount of any liabilities, distributed by the partnership
to the partner and the partner's share of the partnership losses provided that a partner shall
not be charged with any share of partnership loss attributable to a debt, obligation, or liability
for which the partner is not personally liable under Section 10A-8A-3.06 unless the loss is
satisfied out of partnership assets. (b) Each partner is entitled to an equal share of the
partnership profits and, subject to the limitations in subsection (a)(2) of this section,
is chargeable with a share of the partnership losses...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-4.01.htm - 3K - Match Info - Similar pages

10A-8A-8.04
Section 10A-8A-8.04 Power to bind partnership after dissolution. (a) After dissolution, a partnership
is bound by the act of a partner or by the act of a dissociated partner acting as a partner
under Section 10A-8A-8.03(a) which: (1) is appropriate for winding up the partnership's business
or not for profit activity; or (2) would have bound the partnership under Section 10A-8A-3.01
before dissolution, if, at the time the other party enters into the transaction, the other
party does not have notice of the dissolution. (b) Subject to subsection (a), a person dissociated
as a partner binds a partnership through an act occurring after dissolution only if: (1) at
the time the other party enters into the transaction the other party does not have notice
of the dissociation and reasonably believes that the person is a partner; and (2) the act:
(A) is appropriate for winding up the partnership's business or not for profit activity; or
(B) would have bound the partnership under Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-8.04.htm - 1K - Match Info - Similar pages

10A-8A-4.11
Section 10A-8A-4.11 General standards of partner's conduct. (a) The duties that a partner has
to the partnership and to the other partners include the duty of loyalty and the duty of care
as described in subsections (b) and (c). (b) A partner's duty of loyalty to the partnership
and to the other partners includes each of the following: (1) To account to the partnership
and to hold as trustee for it any property, profit, or benefit derived by the partner in the
conduct or winding up of the partnership's business or not-for-profit activity or derived
from a use by the partner of partnership property, including the appropriation of a partnership
opportunity. (2) To refrain from dealing with the partnership in the conduct or winding up
of the partnership's business or not-for-profit activity as or on behalf of a party having
an interest adverse to the partnership. (3) To refrain from competing with the partnership
in the conduct of the partnership's business or not-for-profit activity...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-4.11.htm - 2K - Match Info - Similar pages

10A-8A-7.03
Section 10A-8A-7.03 Liability of person dissociated as a partner to other persons. (a) A person's
dissociation as a partner does not of itself discharge that person's liability for a partnership
obligation incurred before dissociation. A person dissociated as a partner is not liable for
a partnership obligation incurred after dissociation, except as provided in subsection (b).
(b) A person that dissociates as a partner without resulting in a dissolution and winding
up of the partnership business or not for profit activity is liable as a partner to the other
party in a transaction entered into by the partnership, or a surviving partnership or other
surviving entity under Article 9 of this chapter or Article 8 of Chapter 1, within one year
after the partner's dissociation, only if the partner is liable for the obligation under Section
10A-8A-3.06 and at the time of entering into the transaction the other party: (1) reasonably
believed that the person dissociated as a partner was then a...
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45-42-200.05
Section 45-42-200.05 Business license. Before any person, firm, or corporation shall engage
in or carry on any business activity or other non-business activity in the county for which
a license is required by law, a license for such activity must be purchased from the commissioner
and he or she shall be entitled to charge a fee, not to exceed two dollars ($2) for the issuance
of such license, as shall be determined by the county commission. All costs, fees, and penalties
which shall have accrued or for which person, firm, or corporation shall have become liable
in any proceeding commenced for the collection of same shall be paid before any such license
is eligible for renewal. The commissioner shall issue the license countersigned by him or
her in the form and on the blank furnished to him or her by the State Department of Finance
which shall set forth and specify the name of the person, firm, or the corporation applying
therefor, the business or activity which it proposes to carry on...
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10A-8A-4.13
Section 10A-8A-4.13 Actions by partnership and partners. (a) Except as provided in Sections
10A-8A-3.06, 10A-8A-8.06, or 10A-8A-8.07, a partnership may maintain an action against a partner
for a breach of the partnership agreement, or for the violation of a duty to the partnership,
causing harm to the partnership. (b) Except as provided in Sections 10A-8A-3.06, 10A-8A-8.06,
or 10A-8A-8.07, a partner may maintain an action against the partnership or another partner
for legal or equitable relief, with or without an accounting as to partnership business or
not for profit activity, to: (1) enforce the partner's rights under the partnership agreement;
(2) enforce the partner's rights under this chapter, including: (i) the partner's rights under
Sections 10A-8A-4.01, 10A-8A-4.03, or 10A-8A-4.04; (ii) the partner's right on dissociation
to have the partner's transferable interest in the partnership purchased pursuant to Section
10A-8A-7.01 or enforce any other right under Article 6 or 7; or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-4.13.htm - 1K - Match Info - Similar pages

45-39-200.05
Section 45-39-200.05 Business licenses. Before any person, firm, or corporation shall engage
in or carry on any business or other activity in the county for which a license is required
by law, a license for the activity shall be purchased from the commissioner and he or she
shall be entitled to charge a fee of one dollar ($1) for the issuance of the license. All
costs, fees, and penalties which shall have accrued or for which such person, firm, or corporation
shall have become liable in any proceeding commenced for the collection of same shall be paid
before any license is eligible for renewal. The commissioner shall issue the license countersigned
by him or her in the form and on the blank furnished to him or her by the State Department
of Finance which shall set forth and specify the name of the person, firm, or the corporation
applying therefor, the business or activity which it proposes to carry on thereunder, the
address where it proposes to carry on the same, the time for which...
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10A-8A-1.05
Section 10A-8A-1.05 Powers; indemnification. (a) A 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
or not for profit activity of the 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
partnership by a breach of the partnership agreement or violation of a duty to the partnership.
(b) A 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. (Act 2018-125, §7.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-1.05.htm - 1K - Match Info - Similar pages

26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may
be used to create a power of attorney that has the meaning and effect prescribed by this chapter.
ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another
person (your agent) to make decisions concerning your property for you (the principal). Your
agent will be able to make decisions and act with respect to your property (including your
money) whether or not you are able to act for yourself. The meaning of authority over subjects
listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A,
Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make
health care decisions for you. Such powers are governed by other applicable law. You should
select someone you trust to serve as your agent. Unless you specify otherwise, generally the
agent's authority will continue until you die or revoke the power...
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31-13-3
Section 31-13-3 Definitions. For the purposes of this chapter, the following words shall have
the following meanings: (1) ALIEN. Any person who is not a citizen or national of the United
States, as described in 8 U.S.C. § 1101, et seq., and any amendments thereto. (2) BUSINESS
ENTITY. Any person or group of persons employing one or more persons performing or engaging
in any activity, enterprise, profession, or occupation for gain, benefit, advantage, or livelihood,
whether for profit or not for profit. Business entity shall include, but not be limited to,
the following: a. Self-employed individuals, business entities filing articles of incorporation,
partnerships, limited partnerships, limited liability companies, foreign corporations, foreign
limited partnerships, foreign limited liability companies authorized to transact business
in this state, business trusts, and any business entity that registers with the Secretary
of State. b. Any business entity that possesses a business...
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