Alabama Code 10A-8A-1.12. Transactions of partner with partnership
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Terms Used In Alabama Code 10A-8A-1.12
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
A partner may lend money to and transact other business or not for profit activity with the partnership and has the same rights and obligations with respect to the loan or other transaction as a person that is not a partner.