New Jersey Statutes 42:1A-28. Transferable interest of partner
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Terms Used In New Jersey Statutes 42:1A-28
- 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.
28. The only transferable interest of a partner in the partnership is the partner’s share of the profits and losses of the partnership and the partner’s right to receive distributions. The interest is personal property.
L.2000,c.161,s.28.