(a) Subject to subsection (b), upon reinstatement, the partnership shall be deemed for all purposes to have continued its business or not for profit activity as if dissolution had never occurred; and each right inuring to, and each debt, obligation, and liability incurred by, the partnership after the dissolution shall be determined as if the dissolution had never occurred.
Terms Used In Alabama Code 10A-8A-8.13
- Business: includes every trade, occupation, and profession for profit. See Alabama Code 10A-8A-1.02
- Not for profit activity: includes every undertaking not for profit. See Alabama Code 10A-8A-1.02
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Partnership: means an entity that is formed under this chapter or that is governed by this chapter. See Alabama Code 10A-8A-1.02
(b) The rights of persons acting in reliance on the dissolution before those persons had notice of the reinstatement shall not be adversely affected by the reinstatement.