Download New Jersey Partnership Agreement Templates [PDF]

Make the process of drafting the New Jersey partnership agreement fast and simple by using our professionally designed template.

Last update: 25 Dec 2023

Download New Jersey Partnership Agreement Templates [PDF]

The New Jersey partnership agreement is a legal document that defines all the details of how the partners will operate within their business entity. It defines their initial investment, rights, and duties inside the business partnership.

The partnership agreement, or partnership deed, is often used in the process of business expansion or in case the partnership wants to apply for a loan from a certain financial institution.

Third parties will often require the partners to submit the partnership agreement so they can learn how the business partnership is organized and make their decision based on the information presented in the partnership agreement.

The partnership agreement is also called the partnership contract or the articles of partnership.

New Jersey Partnership Agreement Types

This section provides different types of partnership agreements that can be used in New Jersey:

Types of Partnership Agreement

  • General Partnership (GP): This type of partnership enables all partners to participate in the decision-making process. However, they all have unlimited liability for the business operation with all of their personal assets. (Section 42:1A-1 to 1A-56)

  • Limited Partnership (LP): Here, the partnership is formed between the general partners, who have decision-making powers and have unlimited liability for the operation of the partnership, and the limited partners, who don’t have decision-making powers but have limited liability for the partnership. (Section 42:2A-1 to 2A-73)

  • Limited Liability Partnership (LLP): This type of partnership agreement enables all partners to have equal decision-making powers, and they are not liable for the damages caused by the negligence and actions of other partners. (Section 42:1A-47)

New Jersey Partnership Agreement Requirements

In New Jersey, the partnership agreement format will include the following elements:

Mandatory Requirements

  • Names and mailing addresses of the partners

  • Name and registered address of the partnership

  • Date of partnership formation

  • Details about each partner’s contribution to the partnership

  • Information about each partner’s management rights

  • Rules on profit distribution

  • Information about the accounts of the partnership

  • Conditions that must be fulfilled before the eventual partnership expansion

  • Rules on how the partners will cover eventual losses

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