NJ Limited Partner Liability: Can a Limited Partner be Held Liable for a Limited Partnership’s Debts?
In limited circumstances the answer is “yes”. Under New Jersey’s Uniform Partnership Law a limited partner is protected from liability from the limited partnership’s obligations except in two instances:
(1) Where the limited partner i ... Read More.
One of the primary benefits for individuals operating a business under the umbrella of a corporation or limited liability company is avoiding personal liability. As a general matter, “[t]he rule of law that has evolved in New Jersey is that the corporate form as a wholly distinct and separate entity will be upheld.” Coppa v. Taxation Div. Direc ... Read More.
In a published decision issued on May 13, 2016, the New Jersey Appellate Division affirmed a Bergen County Chancery judge's summary judgment ruling declaring that a $900,000 transfer made by a father to his son's business constituted an investment, not a gift. In the Matter of the Estate of Byung-Tae-Oh, Superior Court of New Jersey, Appellate Div ... Read More.
In a decision sure to grab the attention of the New Jersey workforce, today the New Jersey Supreme Court unanimously ruled that an employer can recover the salary of an employee who breaches his duty of loyalty to the employer, without the necessity of the employer proving economic loss as a result of the duty breach. Kaye vs. Rosefielde, Docket ... Read More.