Uniform Partnership Act

New Jersey · Partnerships and Partnership Associations · §§ 42:1A-1 to 42:6-9 · 286 sections

Overview

The act governs the formation, internal operation, and eventual dissolution of general partnerships, treating the partnership as an entity that can own and transfer property, sue and be sued, and act through its partners as agents. It supplies default rules for the relationship among partners — fiduciary duties, access to books and records, distributions, and what a partner owns and may transfer — while setting the terms on which the partnership and its individual partners become liable to outsiders, including creditors who reach a partner's transferable interest by court order. It also establishes filing mechanisms through which authority, its denial, a partner's departure, and dissolution can be made a matter of public record, and it defines when a partner's dissociation triggers a buyout rather than the end of the business, along with the process for winding up and settling accounts when the partnership does terminate.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 8 court decisions.

Most-cited authority: 906 F. Supp. 244 - Henkels & McCoy, Inc. v. Adochio

Sections covered

N.J. Stat. Ann. § 42:1A-1Short title
N.J. Stat. Ann. § 42:1A-10Formation of partnership; rules for determining formation
N.J. Stat. Ann. § 42:1A-11Property of the partnership
N.J. Stat. Ann. § 42:1A-12Acquisition of partnership property; presumptions
N.J. Stat. Ann. § 42:1A-13Partner considered agent of partnership; limitation1 cite
N.J. Stat. Ann. § 42:1A-14Transfer of partnership property
N.J. Stat. Ann. § 42:1A-15Statement of partnership authority; filing
N.J. Stat. Ann. § 42:1A-16Statement of denial; limitation on authority
N.J. Stat. Ann. § 42:1A-17Partnership liable for loss, injury
N.J. Stat. Ann. § 42:1A-18Partnership obligations; liability of partners
N.J. Stat. Ann. § 42:1A-19Suits, actions by or against partnership; satisfaction of judgments
N.J. Stat. Ann. § 42:1A-2Definitions relative to partnerships
N.J. Stat. Ann. § 42:1A-20Partnership by representation; liability
N.J. Stat. Ann. § 42:1A-21Rights and duties of partners
N.J. Stat. Ann. § 42:1A-22Distributions in kind
N.J. Stat. Ann. § 42:1A-23Books, records; rendering of information
N.J. Stat. Ann. § 42:1A-24Fiduciary duties
N.J. Stat. Ann. § 42:1A-25Legal actions
N.J. Stat. Ann. § 42:1A-26Continuation of partnership beyond term or undertaking
N.J. Stat. Ann. § 42:1A-27Partner not co-owner
N.J. Stat. Ann. § 42:1A-28Transferable interest of partner
N.J. Stat. Ann. § 42:1A-29Transfer of partner's interest
N.J. Stat. Ann. § 42:1A-3Explanation of knowledge, notice; giving, receiving notice1 cite
N.J. Stat. Ann. § 42:1A-30Orders charging transferable interests; effects
N.J. Stat. Ann. § 42:1A-31Dissociation from partnership; events causing
N.J. Stat. Ann. § 42:1A-32Dissociation of partners; wrongful conditions
N.J. Stat. Ann. § 42:1A-33Dissociation; effects on partnership, partner
N.J. Stat. Ann. § 42:1A-34Dissociation not resulting in dissolution; buyout; damages
N.J. Stat. Ann. § 42:1A-35Partnership bound by act of dissociated partner; conditions; liability
N.J. Stat. Ann. § 42:1A-36Dissociated partner's liability
N.J. Stat. Ann. § 42:1A-37Statement of dissociation
N.J. Stat. Ann. § 42:1A-38Continued use of name relative to liability
N.J. Stat. Ann. § 42:1A-39Dissolution of partnership; winding up, event causing
N.J. Stat. Ann. § 42:1A-4Agreement governing partners, partnership; prohibited terms
N.J. Stat. Ann. § 42:1A-40Dissolution, continuation for purpose of winding up
N.J. Stat. Ann. § 42:1A-41Postdissolution, rights, duties on winding up
N.J. Stat. Ann. § 42:1A-42Partner's act after dissolution
N.J. Stat. Ann. § 42:1A-43Statement of dissolution, effects of filing
N.J. Stat. Ann. § 42:1A-44Liability after dissolution
N.J. Stat. Ann. § 42:1A-45Rights of partners to application of partnership assets; settlement of accounts
N.J. Stat. Ann. § 42:1A-46Other business entity; merger or consolidation; effect of certificate
N.J. Stat. Ann. § 42:1A-47Limited liability partnership; qualification as
N.J. Stat. Ann. § 42:1A-48Name, alternate name of limited liability partnership
N.J. Stat. Ann. § 42:1A-49Annual report; filing
N.J. Stat. Ann. § 42:1A-5Principles of law and equity applicable; rate of interest determined
N.J. Stat. Ann. § 42:1A-50Foreign limited liability partnership; law governing, effect in this State
N.J. Stat. Ann. § 42:1A-51Statement of foreign qualification; filing
N.J. Stat. Ann. § 42:1A-52Foreign qualification required; effects of failure
N.J. Stat. Ann. § 42:1A-53Activities not considered transacting business
N.J. Stat. Ann. § 42:1A-54Restraint of foreign limited liability partnership
N.J. Stat. Ann. § 42:1A-55Applicability, construction of act
N.J. Stat. Ann. § 42:1A-56No retroactive effects
N.J. Stat. Ann. § 42:1A-6Statements filed in the Division of Commercial Recording; effects, fees
N.J. Stat. Ann. § 42:1A-7Law governing relations among partners, between partners and partnership
N.J. Stat. Ann. § 42:1A-8Partnership governed by this act and its amendments
N.J. Stat. Ann. § 42:1A-9Entity as partnership; limited partnership
N.J. Stat. Ann. § 42:2A-1Short title1 cite
N.J. Stat. Ann. § 42:2A-10What business authorized
N.J. Stat. Ann. § 42:2A-11Business transactions of partner with partnership
N.J. Stat. Ann. § 42:2A-12Nature of partnership interest
N.J. Stat. Ann. § 42:2A-13County clerk to transmit documents to Secretary of State
N.J. Stat. Ann. § 42:2A-14Certificate of limited partnership
N.J. Stat. Ann. § 42:2A-14.1Certificates of limited partnerships formed prior to April 1, 1985
N.J. Stat. Ann. § 42:2A-15Time when partnership formed
N.J. Stat. Ann. § 42:2A-16Amendment to certificate
N.J. Stat. Ann. § 42:2A-16.1Certificate of correction
N.J. Stat. Ann. § 42:2A-17When amendment to certificate required1 cite
N.J. Stat. Ann. § 42:2A-18Cancellation of certificate
N.J. Stat. Ann. § 42:2A-19Execution of certificate
N.J. Stat. Ann. § 42:2A-2Rules of construction
N.J. Stat. Ann. § 42:2A-20Amendment or cancellation by judicial act
N.J. Stat. Ann. § 42:2A-21Filing in office of Secretary of State; effect of filing
N.J. Stat. Ann. § 42:2A-22Liability for false statement in certificate1 cite
N.J. Stat. Ann. § 42:2A-23Notice
N.J. Stat. Ann. § 42:2A-24Delivery of certificates to limited partners
N.J. Stat. Ann. § 42:2A-25Admission of additional limited partners
N.J. Stat. Ann. § 42:2A-26Voting
N.J. Stat. Ann. § 42:2A-27Liability to third parties
N.J. Stat. Ann. § 42:2A-28Person erroneously believing himself a limited partner
N.J. Stat. Ann. § 42:2A-29Right to information
N.J. Stat. Ann. § 42:2A-29.1Notice of limited partners' meetings
N.J. Stat. Ann. § 42:2A-29.2Waiver of notice of lapse of time
N.J. Stat. Ann. § 42:2A-29.3Action by limited partners
N.J. Stat. Ann. § 42:2A-29.4Fixing record date
N.J. Stat. Ann. § 42:2A-29.5Limited partnership interests held jointly or as tenants in common
N.J. Stat. Ann. § 42:2A-3When Uniform Partnership Law applicable
N.J. Stat. Ann. § 42:2A-30Admission of additional general partners
N.J. Stat. Ann. § 42:2A-31Events of withdrawal of a general partner
N.J. Stat. Ann. § 42:2A-32General powers and liabilities
N.J. Stat. Ann. § 42:2A-33Contributions by general partner; profits and losses; distributions
N.J. Stat. Ann. § 42:2A-33.1One person as both general and limited partner
N.J. Stat. Ann. § 42:2A-34Voting
N.J. Stat. Ann. § 42:2A-35Form of contribution by partners
N.J. Stat. Ann. § 42:2A-36Liability of partner for contribution
N.J. Stat. Ann. § 42:2A-37Sharing of profits and losses
N.J. Stat. Ann. § 42:2A-38Sharing of distributions
N.J. Stat. Ann. § 42:2A-39Interim distributions
N.J. Stat. Ann. § 42:2A-4Existing limited partnerships brought under this chapter
N.J. Stat. Ann. § 42:2A-40Withdrawal of general partner
N.J. Stat. Ann. § 42:2A-41Withdrawal of limited partner
N.J. Stat. Ann. § 42:2A-42Distribution upon withdrawal
N.J. Stat. Ann. § 42:2A-43Distribution in cash or kind
N.J. Stat. Ann. § 42:2A-44Right to distribution
N.J. Stat. Ann. § 42:2A-45Limitations on distribution1 cite
N.J. Stat. Ann. § 42:2A-46Liability upon return of contribution2 cites
N.J. Stat. Ann. § 42:2A-47Assignment of partnership interest; rights of assignee
N.J. Stat. Ann. § 42:2A-48Rights of judgment creditor of a partner
N.J. Stat. Ann. § 42:2A-49Right of assignee to become limited partner; rights, restrictions and liabilities
N.J. Stat. Ann. § 42:2A-5Definitions relative to limited partnerships
N.J. Stat. Ann. § 42:2A-50Power of personal representative of deceased or incapacitated person; representative or successor of corporation, trust, or other entity
N.J. Stat. Ann. § 42:2A-51Dissolution
N.J. Stat. Ann. § 42:2A-52Judicial dissolution
N.J. Stat. Ann. § 42:2A-53Right to wind up partnership affairs
N.J. Stat. Ann. § 42:2A-54Distribution of assets
N.J. Stat. Ann. § 42:2A-55Law governing
N.J. Stat. Ann. § 42:2A-57Application for certificate of authority to transact business
N.J. Stat. Ann. § 42:2A-58Changes in and amendments to application for certificate
N.J. Stat. Ann. § 42:2A-59Cancellation of certificate of authority to do business in the State
N.J. Stat. Ann. § 42:2A-6Name of limited partnership
N.J. Stat. Ann. § 42:2A-60Transacting business without certificate of authority
N.J. Stat. Ann. § 42:2A-61Injunction against foreign limited partnership
N.J. Stat. Ann. § 42:2A-6.1Use of name other than actual limited partnership name
N.J. Stat. Ann. § 42:2A-62Right of action
N.J. Stat. Ann. § 42:2A-63Proper plaintiff
N.J. Stat. Ann. § 42:2A-64Pleading
N.J. Stat. Ann. § 42:2A-65Security for expenses
N.J. Stat. Ann. § 42:2A-66Expenses
N.J. Stat. Ann. § 42:2A-67Indemnification of general partner
N.J. Stat. Ann. § 42:2A-68Filing fees of the State Treasurer
N.J. Stat. Ann. § 42:2A-69Annual report to the State Treasurer by domestic limited partnerships
N.J. Stat. Ann. § 42:2A-7Reservation of name
N.J. Stat. Ann. § 42:2A-70Annual report to State Treasurer by foreign limited partnership
N.J. Stat. Ann. § 42:2A-71Rules and regulations
N.J. Stat. Ann. § 42:2A-72Exemption from filing business name certificates
N.J. Stat. Ann. § 42:2A-73"Other business entity" defined; domestic limited partnership, merger, consolidation
N.J. Stat. Ann. § 42:2A-8Registered office and registered agent
N.J. Stat. Ann. § 42:2A-8.1Change of registered office or agent
N.J. Stat. Ann. § 42:2A-8.2Resignation of registered agent
N.J. Stat. Ann. § 42:2A-9Records to be kept and maintained at the principal office
N.J. Stat. Ann. § 42:2C-1Short title
N.J. Stat. Ann. § 42:2C-10Reservation of name
N.J. Stat. Ann. § 42:2C-11Operating agreement; scope, function, and limitations
N.J. Stat. Ann. § 42:2C-12Operating agreement; effect on limited liability company and persons becoming members; preformation agreement
N.J. Stat. Ann. § 42:2C-13Operating agreement; effect on third parties and relationship to records effective on behalf of limited liability company
N.J. Stat. Ann. § 42:2C-14Office and agent for service of process
N.J. Stat. Ann. § 42:2C-15Change of designated office or agent for service of process
N.J. Stat. Ann. § 42:2C-16Resignation of agent for service of process
N.J. Stat. Ann. § 42:2C-17Service of process
N.J. Stat. Ann. § 42:2C-18Formation of limited liability company; certificate of formation
N.J. Stat. Ann. § 42:2C-19Amendment or restatement of certificate of formation
N.J. Stat. Ann. § 42:2C-2Definitions
N.J. Stat. Ann. § 42:2C-20Signing of records to be delivered for filing to filing office
N.J. Stat. Ann. § 42:2C-21Signing and filing pursuant to judicial order
N.J. Stat. Ann. § 42:2C-22Delivery to and filing of records by filing office; effective time and date
N.J. Stat. Ann. § 42:2C-23Correcting filed record
N.J. Stat. Ann. § 42:2C-24Liability for inaccurate information in filed record
N.J. Stat. Ann. § 42:2C-25Certificate of standing
N.J. Stat. Ann. § 42:2C-26Annual report for filing office
N.J. Stat. Ann. § 42:2C-27No agency power of member as member
N.J. Stat. Ann. § 42:2C-28Statement of authority
N.J. Stat. Ann. § 42:2C-29Statement of denial
N.J. Stat. Ann. § 42:2C-3Knowledge; notice
N.J. Stat. Ann. § 42:2C-30Liability of members and managers
N.J. Stat. Ann. § 42:2C-31Becoming a member
N.J. Stat. Ann. § 42:2C-32Form of contribution
N.J. Stat. Ann. § 42:2C-33Liability for contributions
N.J. Stat. Ann. § 42:2C-34Sharing of and right to distributions before dissolution
N.J. Stat. Ann. § 42:2C-35Limitations on distribution
N.J. Stat. Ann. § 42:2C-36Liability for improper distributions
N.J. Stat. Ann. § 42:2C-37Management of limited liability company
N.J. Stat. Ann. § 42:2C-38Indemnification and insurance
N.J. Stat. Ann. § 42:2C-39Standards of conduct for members and managers
N.J. Stat. Ann. § 42:2C-4Nature, purposes and duration of limited liability company
N.J. Stat. Ann. § 42:2C-40Right of members, managers, and dissociated members to information
N.J. Stat. Ann. § 42:2C-41Nature of transferable interest
N.J. Stat. Ann. § 42:2C-42Transfer of transferable interest
N.J. Stat. Ann. § 42:2C-43Rights of judgment creditor of a member
N.J. Stat. Ann. § 42:2C-44Power of personal representative of deceased member
N.J. Stat. Ann. § 42:2C-45Member's power to dissociate; wrongful dissociation
N.J. Stat. Ann. § 42:2C-46Events causing dissociation
N.J. Stat. Ann. § 42:2C-47Effect of person's dissociation as member
N.J. Stat. Ann. § 42:2C-48Events causing dissolution
N.J. Stat. Ann. § 42:2C-49Winding up
N.J. Stat. Ann. § 42:2C-5Powers
N.J. Stat. Ann. § 42:2C-50Known claims against dissolved limited liability company
N.J. Stat. Ann. § 42:2C-51Other claims against dissolved limited liability company
N.J. Stat. Ann. § 42:2C-52Claims against member or transferee barred unless filed within five years after limited liability company dissolved
N.J. Stat. Ann. § 42:2C-53Administrative action
N.J. Stat. Ann. § 42:2C-54Reinstatement following administrative dissolution
N.J. Stat. Ann. § 42:2C-55Appeal from rejection of reinstatement
N.J. Stat. Ann. § 42:2C-56Distribution of assets in winding up limited liability company's activities
N.J. Stat. Ann. § 42:2C-57Governing law
N.J. Stat. Ann. § 42:2C-58Application for certificate of authority; amendments to certificate of authority
N.J. Stat. Ann. § 42:2C-59Activities not constituting transacting business
N.J. Stat. Ann. § 42:2C-6Governing law
N.J. Stat. Ann. § 42:2C-60Filing of certificate of authority
N.J. Stat. Ann. § 42:2C-61Noncomplying name of foreign limited liability company
N.J. Stat. Ann. § 42:2C-62Revocation of certificate of authority
N.J. Stat. Ann. § 42:2C-63Reinstatement of certificate of authority
N.J. Stat. Ann. § 42:2C-64Cancellation of certificate of authority
N.J. Stat. Ann. § 42:2C-65Effect of failure to have certificate of authority
N.J. Stat. Ann. § 42:2C-66Action by attorney general
N.J. Stat. Ann. § 42:2C-67Direct action by member
N.J. Stat. Ann. § 42:2C-68Derivative action
N.J. Stat. Ann. § 42:2C-69Proper plaintiff
N.J. Stat. Ann. § 42:2C-7Supplemental principles of law
N.J. Stat. Ann. § 42:2C-70Pleading
N.J. Stat. Ann. § 42:2C-71Special litigation committee
N.J. Stat. Ann. § 42:2C-72Proceeds and expenses
N.J. Stat. Ann. § 42:2C-73Definitions
N.J. Stat. Ann. § 42:2C-74Merger
N.J. Stat. Ann. § 42:2C-75Action on plan of merger by constituent limited liability company
N.J. Stat. Ann. § 42:2C-76Filings required for merger; effective date
N.J. Stat. Ann. § 42:2C-77Effect of merger
N.J. Stat. Ann. § 42:2C-78Conversion
N.J. Stat. Ann. § 42:2C-79Action on plan of conversion by converting limited liability company
N.J. Stat. Ann. § 42:2C-8Name
N.J. Stat. Ann. § 42:2C-80Filing required for conversion; effective date
N.J. Stat. Ann. § 42:2C-81Effect of conversion
N.J. Stat. Ann. § 42:2C-82Domestication
N.J. Stat. Ann. § 42:2C-83Action on plan of domestication by domesticating limited liability company
N.J. Stat. Ann. § 42:2C-84Filings required for domestication; effective date
N.J. Stat. Ann. § 42:2C-85Effect of domestication
N.J. Stat. Ann. § 42:2C-86Restrictions on approval of mergers, conversions, and domestications
N.J. Stat. Ann. § 42:2C-87Article not exclusive
N.J. Stat. Ann. § 42:2C-88Uniformity of application and construction
N.J. Stat. Ann. § 42:2C-89Relation to electronic signatures in global and national commerce act
N.J. Stat. Ann. § 42:2C-9Use of name other than actual limited liability company name
N.J. Stat. Ann. § 42:2C-90Savings clause
N.J. Stat. Ann. § 42:2C-91Application to existing relationships
N.J. Stat. Ann. § 42:2C-92Tax classification
N.J. Stat. Ann. § 42:2C-93Fees
N.J. Stat. Ann. § 42:2C-94Notices
N.J. Stat. Ann. § 42:3-1Under authority of R.S. 42:3-1 et seq
N.J. Stat. Ann. § 42:3-10Execution against members; subscription book
N.J. Stat. Ann. § 42:3-11Interests deemed personal, transfer
N.J. Stat. Ann. § 42:3-12Loan of association's credit, name or capital
N.J. Stat. Ann. § 42:3-13Division of profits of business
N.J. Stat. Ann. § 42:3-13.1Renewal or continuation of term of existence; resolution; statement; recording
N.J. Stat. Ann. § 42:3-13.2Time of renewal
N.J. Stat. Ann. § 42:3-13.3Successive periods of renewal or continuation; duration of period
N.J. Stat. Ann. § 42:3-13.4Dissatisfied member entitled to his interests; procedure
N.J. Stat. Ann. § 42:3-14Dissolution; when authorized; notice; publication
N.J. Stat. Ann. § 42:3-15Association continued for closing affairs
N.J. Stat. Ann. § 42:3-16Managers as trustees for purpose of settlement; powers
N.J. Stat. Ann. § 42:3-17Trustees may sue or be sued
N.J. Stat. Ann. § 42:3-18Validity of deed made by trustees
N.J. Stat. Ann. § 42:3-19Receiver for expired or dissolved association; application; summary hearing
N.J. Stat. Ann. § 42:3-2Amending statement
N.J. Stat. Ann. § 42:3-20Designation or appointment of trustees or receivers
N.J. Stat. Ann. § 42:3-21General powers of trustees or receivers
N.J. Stat. Ann. § 42:3-22Sale of property of association by receivers
N.J. Stat. Ann. § 42:3-23Continuance of powers of trustees
N.J. Stat. Ann. § 42:3-24Application for injunctive relief and for receivers or trustees for insolvent association
N.J. Stat. Ann. § 42:3-25Injunctive relief
N.J. Stat. Ann. § 42:3-26Appointment of receivers or trustees when injunctive relief granted
N.J. Stat. Ann. § 42:3-27Oath of receivers or trustees; filing
N.J. Stat. Ann. § 42:3-28Jurisdiction of Superior Court
N.J. Stat. Ann. § 42:3-29Creditors paid pro rata; disposition of balance
N.J. Stat. Ann. § 42:3-3Use of word "limited" in name; display of name
N.J. Stat. Ann. § 42:3-4Meetings of members of association; election of officers
N.J. Stat. Ann. § 42:3-5Contracting debts
N.J. Stat. Ann. § 42:3-6Real estate; purchase, ownership and disposition
N.J. Stat. Ann. § 42:3-7Deeds, bonds and mortgages; execution and acknowledgment; seal
N.J. Stat. Ann. § 42:3-8Actions by and against association; service of process
N.J. Stat. Ann. § 42:3-9Liability of individual members; executions
N.J. Stat. Ann. § 42:4-1Purpose and construction of article
N.J. Stat. Ann. § 42:4-13Dissolution authorized; application; order of dissolution
N.J. Stat. Ann. § 42:4-14Powers and duties of guardian in general
N.J. Stat. Ann. § 42:4-15Conveyances by guardian
N.J. Stat. Ann. § 42:4-2Distribution of assets, action for
N.J. Stat. Ann. § 42:4-7Temporary receiver or other custodian of property
N.J. Stat. Ann. § 42:4-8Order to file claims and bar creditors
N.J. Stat. Ann. § 42:4-9Procedure on dissolution and winding up
N.J. Stat. Ann. § 42:5-1Separate compromise with creditors by individual partner
N.J. Stat. Ann. § 42:5-2Debtor to take creditor's memorandum; use in evidence
N.J. Stat. Ann. § 42:5-3Discharge of judgment debt by filing acknowledged memorandum
N.J. Stat. Ann. § 42:5-4Compromise with one partner not to discharge copartners; effect on rights between creditors and copartners
N.J. Stat. Ann. § 42:5-5Liability to copartners continues
N.J. Stat. Ann. § 42:6-1Application for injunction and receivers or trustees; procedure
N.J. Stat. Ann. § 42:6-10Associations dissolved; when
N.J. Stat. Ann. § 42:6-2List of members filed with clerk of Superior Court
N.J. Stat. Ann. § 42:6-5Notice to creditors to file claims
N.J. Stat. Ann. § 42:6-7Assessments on members to pay claims
N.J. Stat. Ann. § 42:6-8Actions by receivers or trustees for assessments on members
N.J. Stat. Ann. § 42:6-9Repayment of excess of funds derived from assessments

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