Alabama Code 10A-8A-2.04. Partnership property
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Terms Used In Alabama Code 10A-8A-2.04
- 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.
- property: includes both real and personal property. See Alabama Code 1-1-1
Property acquired by a partnership is property of the partnership and not of the partners individually.