New Jersey Statutes 42:1A-11. Property of the partnership
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Terms Used In New Jersey Statutes 42:1A-11
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
11. Property acquired by a partnership is property of the partnership and not of the partners individually.
L.2000,c.161,s.11.