Withdrawal of general partner. A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general partner damages for breach of the partnership agreement and offset the damages against the amount otherwise distributable to him.
N.J. Stat. Ann. § 42:2A-40
Withdrawal of general partner
Known as the Uniform Partnership Act
The act spans §§ 42:1A-1 to 42:6-9 (286 sections).
L. 1983, c. 489, s. 39, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.