Alabama Code 10A-8A-11.08. Taxation of limited liability partnership
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 10A-8A-11.08
- foreign limited liability partnership: means a partnership that has filed a statement of limited liability partnership under Section 10A-8A-10. See Alabama Code 10A-8A-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.
A limited liability partnership and a foreign limited liability partnership shall be taxed as a partnership in accordance with Section 40-18-24, as amended from time to time, will file partnership returns as required by Section 40-18-28, as amended from time to time, and shall for all other tax purposes be taxed as a partnership, all being subject to the limited liability partnership and a foreign limited liability partnership maintaining its status as a partnership under federal income tax law.