2019 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-4.02 - Admission of partner.

Universal Citation: AL Code § 10A-8A-4.02 (2019)
Section 10A-8A-4.02Admission of partner.

(a) The initial partners of a partnership are admitted as partners upon the formation of the partnership.

(b) After formation, a person is admitted as a partner of the partnership:

(1) as provided in the partnership agreement;

(2) as the result of a transaction effective under Article 9 of this chapter or Article 8 of Chapter 1;

(3) with the consent of all the partners; or

(4) as provided in Section 10A-8A-8.01(6) or 10A-8A-8.01(7).

(c) Each person to be admitted as a partner to a partnership formed under either Section 10A-8A-2.01(a)(1) or 10A-8A-2.01(a)(2) may be admitted as a partner without:

(1) acquiring a transferable interest; or

(2) making or being obligated to make a contribution to the partnership.

(Act 2018-125, §7.)
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