Effective April 1, 2014, all limited liability companies ("LLCs") formed in New Jersey will be governed by the Revised Uniform Limited Liability Company Act, N.J.S.A. 42:2C-1 through N.J.S.A. 42:2C-17 (the “Revised Act”). The Revised Act became effective as to newly formed LLCs on March 18, 2013. Starting on April 1, 2014, the Revised Act app ... Read More.
A derogatory blemish on a consumer's credit report can have long-lasting effects, and present numerous obstacles to purchasing a home, leasing a car, obtaining a credit card, or securing a business loan. In a recent unpublished opinion issued by the United States District Court for the District of New Jersey, Grossman v. Barclays Bank, Delaware, ... Read More.
The factors requiring disqualification of judges, on the court's own motion, are set forth in New Jersey Court Rule 1:12-1 which states as follows: The judge of any court shall be disqualified on the court's own motion and shall not sit in any matter, if the judge (a) is by blood or marriage the second cousin of or is more closely related to a ... Read More.
While it is always preferred to have a written agreement defining the type of partnership, the purpose of the partnership, the duties and obligations of the partners, distribution of partnership profits and other key terms, under New Jersey law the short answer is no. An agreement to create a partnership may be oral, written or implied by the c ... Read More.