Page 6

Partnership Agreements

THE GENERAL PARTNERSHIP (“partnership”) form of business has existed for many years. In its simplest form, a partnership is an association of two or more individuals to operate a business for profit. All states have enacted partnership laws. New Jersey’s partnership law was significantly...

Non-Compete Agreements

A NON-COMPETE AGREEMENT (a.k.a. restrictive covenant) in the employment context is a promise by an employee not to compete with his/her employer after the employment ends. This can be embodied within a broad employment agreement or be the only provision in a stand-alone agreement....

Limited Liability Partnerships

New Jersey’s partnership law has recognized limited liability partnerships (“LLPs”) for quite some time. However, as of December 2000, the partnership law was revised and the revision made LLPs an even more attractive alternative to the general partnership (“GP”) form of business. The following...

Limited Liability Company Operating Agreements

THE LIMITED LIABILITY COMPANY ("LLC") has become a popular choice for small businesses because LLCs combine key features of both partnerships and corporations. All states have enacted LLC statutes (i.e., laws). In absence of an agreement among the owners (i.e. members), these laws establish...

BUYING A BUSINESS Legal Aspects and Considerations

PURCHASING AN ON-GOING BUSINESS is an excellent opportunity for an entrepreneur seeking the financial and personal rewards of owning and operating a business. Buying vs. Starting a Business A chief advantage of purchasing a business (as opposed to starting one “from scratch”) is the opportunity...

RECENT POSTS