Alabama Code 10A-9A-3.03. No liability as limited partner for limited partnership obligation
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Terms Used In Alabama Code 10A-9A-3.03
- Contract: A legal written agreement that becomes binding when signed.
- LIMITED PARTNER: means :
(A) with respect to a limited partnership, a person that: (i) is admitted as a limited partner under Section 10A-9A-3. See Alabama Code 10A-9A-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.
- partner: means a limited partner or general partner. See Alabama Code 10A-9A-1.02
- 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.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
A debt, obligation, or other liability of a limited partnership, whether arising in contract, tort, or otherwise, is not the debt, obligation, or other liability of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the limited partnership solely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.