New Jersey Statutes 42:1A-44. Liability after dissolution
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Terms Used In New Jersey Statutes 42:1A-44
- 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.
44. a. Except as otherwise provided in subsection b. of this section and section 18 of this act, after dissolution a partner is liable to the other partners for the partner’s share of any partnership liability incurred under section 42 of this act.
b. A partner who, with knowledge of the dissolution, incurs a partnership liability under subsection b. of section 42 of this act by an act that is not appropriate for winding up the partnership business is liable to the partnership for any damage caused to the partnership arising from the liability.
L.2000,c.161,s.44.