Alabama Code 6-10-9. Partnership property
Current as of: 2024 | Check for updates
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Terms Used In Alabama Code 6-10-9
- 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
No property, real or personal, held or owned by partners as partnership property or purchased with partnership funds for partnership purposes shall be the subject of homestead or other exemption as against copartners or partnership creditors.