Code of Alabama - Title 10A: Alabama Business and Nonprofit Entities Code - Section 10A-5A-1.05 - Governing law

Section 10A-5A-1.05 - Governing law.

(a) The law of this state governs:

(1) the organization and internal affairs of a limited liability company, or series thereof;

(2) the liability of a member as a member for the debts, obligations, or other liabilities of a limited liability company, or series thereof;

(3) the authority of the members and agents of a limited liability company, or series thereof; and

(4) the availability and liability of the assets of a series or the limited liability company for the obligations of another series or the limited liability company.

(b) The law of the state or other jurisdiction under which a foreign limited liability company is formed governs:

(1) the organization and internal affairs of a foreign limited liability company, or series thereof;

(2) the liability of a member as a member for the debts, obligations, or other liabilities of a foreign limited liability company, or series thereof;

(3) the authority of the members and agents of a foreign limited liability company, or series thereof; and

(4) the availability and liability of the assets of a series or the foreign limited liability company for the obligations of another series or the foreign limited liability company.

(Act 2014-144, p. 265, §1; Act 2015-165, §1.)

Last modified: May 3, 2021