Alabama Code 10A-9A-9.03. Standing
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A partner may commence or maintain a derivative action in the right of the limited partnership only if the partner:
Terms Used In Alabama Code 10A-9A-9.03
- 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.
- PARTNERSHIP AGREEMENT: means any agreement (whether referred to as a partnership agreement or otherwise), written, oral or implied, of the partners as to the activities and affairs of a limited partnership. See Alabama Code 10A-9A-1.02
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1