An Alabama partnership agreement is a document made between the partners of an entity that outlines its management, rights, and liabilities. Generally, a partnership is entered between limited partners, which are investors with no active role or liability, and general partners that are actively involved in the day-to-day business operations.
State Definition
PARTNERSHIP AGREEMENT. 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 general partnership or a limited partnership. The partnership agreement includes any amendments to the partnership agreement. In the case of limited partnerships formed prior to October 1, 1998, partnership agreement includes the certificate of partnership.
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