Alabama Code 10A-8A-4.06. Interim distributions
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Terms Used In Alabama Code 10A-8A-4.06
- 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
Subject to Section person dissociated as a partner” class=”unlinked-ref” datatype=”S” sessionyear=”2021″ statecd=”AL” title=”10A”>10A-8A-7.01, a partner has a right to a distribution before the dissolution and winding up of a partnership as provided in the partnership agreement. A decision to make a distribution before the dissolution and winding up of the partnership is a decision in the ordinary course of the business or not for profit activity of the partnership.