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AL SB178
Bill
Status
4/2/2019
Primary Sponsor
Rodger Smitherman
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AI Summary
SB178 Summary
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Removes "of 2014" from the official name of the Alabama Limited Liability Company Law, changing it to simply the "Alabama Limited Liability Company Law."
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Amends the definition of "partnership" to allow an entity to continue briefly with one partner or no partners, rather than requiring an association of two or more persons.
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Clarifies that a partner's duty not to compete with the partnership applies only "before the dissolution of the partnership," removing language about winding up operations.
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Becomes effective retroactively to January 1, 2019, upon passage and approval by the Governor or otherwise becoming law.
Legislative Description
Limited Liability Company Law, name revised, duty of partner not to compete before dissolution of partnership, clarified, retroactive effect, Secs. 10A-5A-1.01, 10A-8A-1.02, 10A-8A-4.11 am'd.
Corporations
Last Action
Further Consideration
5/23/2019