New Jersey Statutes 42:1A-9. Entity as partnership; limited partnership
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Terms Used In New Jersey Statutes 42:1A-9
- 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.
9. a. A partnership is an entity distinct from its partners.
b. A limited liability partnership continues to be the same entity that existed before the filing of a statement of qualification under section 47 of this act.
L.2000,c.161,s.9.