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2017 New Jersey Revised Statutes
TITLE 42 - PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Section 42:2A-40 - Withdrawal of general partner
Universal Citation: NJ Rev Stat § 42:2A-40 (2017)
42:2A-40. Withdrawal of general partner
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.
L. 1983, c. 489, s. 39, eff. April 1, 1985.
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