New Jersey Statutes 42:1A-4. Agreement governing partners, partnership; prohibited terms
Terms Used In New Jersey Statutes 42:1A-4
- 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.
b. The partnership agreement shall not:
(1) unreasonably restrict the right of access to books and records under subsection b. of section 23 of this act;
(2) reduce the duty of loyalty under subsection b. of section 24 or subsection b. of section 33 of this act so as to permit a partner to engage in conduct which is intentionally injurious to the partnership;
(3) unreasonably reduce the duty of care under subsection c. of section 24 or paragraph (3) of subsection b. of section 33 of this act;
(4) vary the right of a court to expel a partner in the events specified in subsection e. of section 31 of this act;
(5) vary the requirement to wind up the partnership business in cases specified in subsection d., e. or f. of section 39 of this act;
(6) vary the law applicable to a limited liability partnership under subsection b. of section 7 of this act; or
(7) restrict rights of third parties under this act.
L.2000,c.161,s.4.