Alabama Code 10A-9A-5.04. Interim distributions
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Terms Used In Alabama Code 10A-9A-5.04
- distribution: except as otherwise provided in Section 10A-9A-5. See Alabama Code 10A-9A-1.02
- 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
A partner has a right to a distribution before the dissolution and winding up of a limited partnership as provided in the partnership agreement. A decision to make a distribution before the dissolution and winding up of the limited partnership is a decision in the ordinary course of the activities and affairs of the limited partnership.