Updated February 11, 2022
A New Jersey partnership agreement is a legally binding document that lays out distinguished roles, responsibilities, and liabilities for each partner involved. It customarily declares dissolution, dispute resolution, duration, ownership interests, and liabilities. The agreement has to be as extensive as possible to limit disagreements and confusion in the future.
Partnership Types
- General Partnerships (GP) – Title 42, Chapter 1A (§§ 1-56)
- Limited Partnership (LP) – Title 42, Chapter 2A (§§ 1-73)
- Limited Liability Partnership (LLP) – § 42:1A-47
- Limited Liability Companies (LLC) – Title 42, Chapter 2C (§§ 1-94)