Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by Findlaw Staff
a. If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 of this act 1 applies; otherwise, Article 7 of this act 2 applies.
b. Upon a partner's dissociation:
(1) the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 41 of this act; 3
(2) the partner's duty of loyalty under paragraph (3) of subsection b. of section 24 of this act terminates; 4 and
(3) the partner's duty of loyalty under paragraphs (1) and (2) of subsection b. and duty of care under subsection c. of section 24 of this act continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to section 41 of this act.
Cite this article: FindLaw.com - New Jersey Statutes Title 42. Partnerships and Partnership Associations 42 § 1A-33 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-42-partnerships-and-partnership-associations/nj-st-sect-42-1a-33/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)