New Jersey Statutes 42:3-13.2. Time of renewal
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Terms Used In New Jersey Statutes 42:3-13.2
- 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.
Upon the recording of such statement of renewal in the office of the clerk of the proper county, such association shall be renewed; provided, however, that the renewed term of such limited partnership association shall begin from the expiration of its former term whether original or renewed, and an association whose term has thus been renewed shall be the same association with all the rights, powers, duties and obligations as theretofore.
L.1963, c. 141, s. 2, eff. Aug. 26, 1963.