Alabama achieved an important business legislation milestone during the month of May. Please see below for a summary of the new law for entities in Alabama.
House Bill 251
Entities Affected: Various
Alabama HB 251 was signed by the governor on May 23, 2019. The bill makes technical corrections regarding the name of the Alabama Limited Liability Company Law, the ability of a partnership to continue as an entity for a brief period of time under the law with one partner or no partners and the duty of a partner in a general partnership to not compete with the partnership before the partnership is dissolved. The bill is retroactively effective as of January 1, 2019. View the bill text.
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For informational purposes only; content does not constitute legal advice.