SB77 Alabama 2010 Session

Summary

Primary Sponsor

Roger Bedford, Jr.

Democrat

Session

Regular Session 2010

Title

Limited partnerships, Uniform Limited Partnership Act, effective date for certain limited partnerships changed from January 1, 2012, to January 1, 2011, to coincide with the effective date of the new business and nonprofit entities code, Act 2009-621, 2009 Reg. Sess. am'd.; Sec. 10-9C-1206 am'd.

Summary

SB77 moves up the date when the Alabama Uniform Limited Partnership Act applies to all partnerships to January 1, 2011 and lets existing partnerships elect to be governed by the uniform act starting in 2010.

What This Bill Does

It rewrites when the Uniform Limited Partnership Act applies to all partnerships—from 2012 to 2011—to align with the new Business and Nonprofit Entities Code. It allows limited partnerships formed before January 1, 2010 to elect to be governed by the uniform act, with the election taking effect January 1, 2010 or later in 2010. If no election is made, pre-2010 partnerships stay under the old law until January 1, 2011, after which the uniform act governs all partnerships. It also outlines transitional rules for those elections, including how liability provisions and partnership rights apply before and after the election.

Who It Affects

• Limited partnerships formed after January 1, 2010: will be governed by the Alabama Uniform Limited Partnership Act starting January 1, 2011.
• Limited partnerships formed before January 1, 2010: may elect to be governed by the uniform act, with the election becoming effective January 1, 2010 or later in 2010; if they do not elect, they remain under prior law until 2011.
• Third parties dealing with partnerships: after an election, liability provisions under the uniform act apply; transitional rules specify how existing relationships are treated before and after election.

Key Provisions

• Amends Section 10-9C-1206 to change the date the uniform act governs all limited partnerships from January 1, 2012 to January 1, 2011.
• Allows limited partnerships formed before January 1, 2010 to elect to be subject to the uniform act, with the election taking effect January 1, 2010 or later in 2010.
• For pre-2010 partnerships that elect, certain pre-election provisions remain until the election takes effect, and some requirements (like amendments to certificates) may not apply; liability and dissociation rules are date-dependent as described in the bill.
• Beginning January 1, 2011, the uniform act governs all limited partnerships, with the election process providing a pathway for older partnerships to switch earlier if they choose.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Limited Partnerships