New Jersey Statutes 42:3-13.3. Successive periods of renewal or continuation; duration of period
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Terms Used In New Jersey Statutes 42:3-13.3
- 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.
The term of a limited partnership association which has once been renewed or continued may, as provided herein, be further renewed or continued for successive periods, each of which shall not exceed 20 years.
L.1963, c. 141, s. 3, eff. Aug. 26, 1963.