Statutes > Alabama Statutes > Title 10A — ALABAMA BUSINESS AND NONPROFIT ENTITIES CODE. > Chapter 5 — LIMITED LIABILITY COMPANIES.

Chapter 5 — LIMITED LIABILITY COMPANIES.

  • Article 1 General Provisions.
    • Section 10A-5-1.01 Short title.
    • Section 10A-5-1.02 Definitions.
    • Section 10A-5-1.03 Powers.
    • Section 10A-5-1.04 Indemnification.
    • Section 10A-5-1.05 Unauthorized assumption of powers.
    • Section 10A-5-1.06 Application of partnership provisions to limited liability companies; classification for federal income tax purposes.
  • Article 2 Formation.
    • Section 10A-5-2.01 Formation.
    • Section 10A-5-2.02 Supplemental Provisions required in the Certificate of Formation.
    • Section 10A-5-2.03 Amendment of certificate of formation.
    • Section 10A-5-2.04 Execution.
    • Section 10A-5-2.05 Pre-formation transactions.
    • Section 10A-5-2.06 Records to be kept; right of inspection.
    • Section 10A-5-2.07 Parties to actions.
  • Article 3 Relationship of Members and Managers to Third Parties.
    • Section 10A-5-3.01 Business transactions of a member with the limited liability company.
    • Section 10A-5-3.02 Liability of members to third parties.
    • Section 10A-5-3.03 Agency power of members and managers; duties.
  • Article 4 Relationship Among Members.
    • Section 10A-5-4.01 Management of the limited liability company; creation of classes; voting; rights; meetings.
    • Section 10A-5-4.02 Limited liability company property.
    • Section 10A-5-4.03 Operating agreements.
    • Section 10A-5-4.04 Derivative actions.
  • Article 5 Contributions and Distributions.
    • Section 10A-5-5.01 Contribution.
    • Section 10A-5-5.02 Liability for contributions.
    • Section 10A-5-5.03 Sharing of profits and losses.
    • Section 10A-5-5.04 Interim distributions of property; impairment of capital.
    • Section 10A-5-5.05 Purchase of interest of member whose membership has ceased.
  • Article 6 Transfer of Membership Interest.
    • Section 10A-5-6.01 Admission of additional members.
    • Section 10A-5-6.02 Transferability of member's interest.
    • Section 10A-5-6.03 Right of assignee to become member.
    • Section 10A-5-6.04 Death or incompetency of member.
    • Section 10A-5-6.05 Member's financial rights subject to charging order.
    • Section 10A-5-6.06 Cessation of membership.
  • Article 7 Dissolution.
    • Section 10A-5-7.01 Events of dissolution.
    • Section 10A-5-7.02 Judicial dissolution.
    • Section 10A-5-7.03 Winding up.
    • Section 10A-5-7.04 Survival of remedy after dissolution.
    • Section 10A-5-7.05 Distribution of assets upon dissolution.
    • Section 10A-5-7.06 Articles of dissolution.
  • Article 8 Professional Services.
    • Section 10A-5-8.01 Special rules for limited liability companies performing professional services.
  • Article 9 Merger and Consolidation.
    • Section 10A-5-9.01 Merger and consolidation.
    • Section 10A-5-9.02 Requirements for articles of merger; effective date.
    • Section 10A-5-9.03 Vesting of certain rights, privileges, powers, property, liabilities and duties.
    • Section 10A-5-9.04 Recording of articles of merger; effect when Secretary of State files articles; copy of certified articles conclusive evidence of matters.
    • Section 10A-5-9.05 Applicability of Chapter 2; merger and conversion provisions to limited liability companies
    • Section 10A-5-9.06 Nonexclusivity.