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2020 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 9A - Alabama Limited Partnership Law.
Article 1 - General Provisions.
Section 10A-9A-1.04 - Nature and Purpose.
Universal Citation: AL Code § 10A-9A-1.04 (2020)
Section 10A-9A-1.04
Nature and purpose.
(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.
(Act 2016-379, §1.)
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