Code of Alabama - Title 10A: Alabama Business and Nonprofit Entities Code - Section 10A-5-2.05 - Pre-formation transactions
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Section 10A-5-2.05 - Pre-formation transactions.
A limited liability company may not transact business or incur indebtedness, except that which is incidental to its organization or to obtaining subscriptions for or payment of contributions, until the certificate of formation has been filed. Persons engaged in prefiling activities other than those authorized by this section shall be jointly and severally liable for any debts or liabilities incurred in the course of those activities as provided in Section 10A-5-1.05. In no event shall the activities of an organizer authorized under this chapter result in liability for such person under this section. This section shall not be interpreted to invalidate any debts, contracts, or liabilities of the limited liability company incurred on behalf of the limited liability company prior to the filing of its certificate of formation.
(Act 2009-513, p. 967, §222.)
Sections: 10A-5-1.04 10A-5-1.05 10A-5-1.06 10A-5-2.01 10A-5-2.02 10A-5-2.03 10A-5-2.04 10A-5-2.05 10A-5-2.06 10A-5-2.07 10A-5-3.01 10A-5-3.02 10A-5-3.03 10A-5-4.01 10A-5-4.02
Last modified: February 19, 2012
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