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...
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”)...
The Case of the Departing Penultimate Partner Can one hand clap? There are many disadvantages associated with structuring a business as a general partnership. One disadvantage is that, unlike limited liability companies and corporations, the departure of one of the remaining...
There can be special challenges in new ventures. A business venture often faces significant budgetary constraints in its start-up phase. Thus, prospective business partners commonly seek to manage legal expenses by retaining a single attorney. So, what’s the problem?...
Limited liability partnerships.... A limited liability partnership (LLP) is a special form of partnership. In 2000, New Jersey revised its general partnership (GP) law to permit GPs to convert into LLPs by way of filing a relatively simple form with...