Revises law concerning partnerships, limited partnerships, and limited liability companies.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill revises New Jersey’s laws concerning partnerships, limited partnerships, and limited liability companies. It establishes definitions for key terms like ‘converted entity,’ ‘converting entity,’ and ‘filing office.’ The bill outlines procedures for partnerships to convert into other business entities, including options for exchanging interests for cash, property, or securities. It also addresses conversion of other business entities into domestic partnerships and includes provisions for filing certificates of conversion and indemnification for company agents.
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