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Terms Used In Alabama Code 10A-1-5.07

  • 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.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1

The name of a limited liability partnership or a foreign limited liability partnership registered to transact business in this state shall contain the words “Limited Liability Partnership” or the abbreviation “L.L.P.” or “LLP”.