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New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Chapter 2a:
Section: 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.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:2a-40 (if available):
Court decisions that cite this statute:
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