Terms Used In New Jersey Statutes 56:1-5

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
    Sections 56:1-1 to 56:1-4 of this title shall in no way affect or apply to any corporation duly organized under the laws of this state, or any corporation  organized under the laws of any other state and lawfully doing business in this  state, nor shall they be construed to prevent the lawful use of a partnership  name or designation, if such partnership name or designation shall include the  true or real names of all members of such partnership.