Alabama § 10A-9A-3.01 Admission of Limited Partner

Alabama Statutes

§ 10A-9A-3.01 — Admission of Limited Partner

Alabama § 10A-9A-3.01

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 9AAlabama Limited Partnership Law

Art. 3Limited Partners

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Bluebook

Ala. Code § 10A-9A-3.01 (2026).

Text

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

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

(1)as provided in the partnership agreement;

(2)as the result of a transaction effective under Article 10 of this chapter or Article 8 of Chapter 1;

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

(4)as provided in Section 10A-9A-8.01(d) or (e).

(c)A person may be admitted as a limited partner without:

(1)acquiring a transferable interest; or

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

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(a) The initial limited partner or limited partners of a limited partnership are admitted as a limited partner or limited partners upon the formation of the limited partnership.
(b) After formation, a person is admitted as a limited partner of the limited partnership:
(1) as provided in the partnership agreement;
(2) as the result of a transaction effective under Article 10 of this chapter or Article 8 of Chapter 1;
(3) with the consent of all the partners; or
(4) as provided in Section 10A-9A-8.01(d) or (e).
(c) A person may be admitted as a limited partner without:
(1) acquiring a transferable interest; or
(2) making or being obligated to make a contribution to the limited partnership.