N.J.S.A. 42:2A-40

Withdrawal of general partner

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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This is the verbatim text of N.J.S.A. 42:2A-40, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.

N.J.S.A. 42:2A-40 — Withdrawal of general partner | Kyzer