Section 10-9C-104 (Effective January 1, 2010) Nature, purpose, and duration of entity. - Alabama Statutes

Section 10-9C-104

(Effective January 1, 2010) Nature, purpose, and duration of entity.

(a) A limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership.

(b) A limited partnership may be organized under this chapter for any lawful purpose except a banking or insurance business.

(c) A limited partnership has a perpetual duration.

(Act 2009-621, §1.)