HB251 Summary

• Amends Section 10A-1-3.33 to establish inspection and access rights for governing persons of business entities to books, records, and information related to their service, with entities able to impose reasonable copying costs.

• Changes the official name of the limited liability company law from "Alabama Limited Liability Company Law of 2014" to "Alabama Limited Liability Company Law."

• Modifies partnership definition to allow an entity to continue briefly with one partner or no partners, removing the requirement of two or more persons.

• Clarifies that a partner's duty to refrain from competing with the partnership applies only before the partnership's dissolution, not during winding up activities.

• Becomes effective retroactively to January 1, 2019.