New Jersey § 42:1a-40
Full text of New Jersey New Jersey Statutes § 42:1a-40, with citation guidance and answers to common questions.
§ 42:1a-40.
a. Subject to subsection b. of this section, a partnership continues after dissolution
only for the purpose of winding up its business. The partnership is terminated when the winding up of its business is completed. b. At any time after the dissolution of a partnership and before the winding up of
its business is completed, all of the partners, including any dissociating partner
other than a wrongfully dissociating partner, may waive the right to have the partnership's
business wound up and the partnership terminated. In that event: (1) the partnership resumes carrying on its business as if dissolution had never occurred,
and any liability incurred by the partnership or a partner after the dissolution and
before the waiver is determined as if dissolution had never occurred; and (2) the rights of a third party accruing under subsection a. of section 42 of this
act or arising out of conduct in reliance on the dissolution before the third party
knew or received a notification of the waiver shall not be adversely affected.
Frequently Asked Questions About New Jersey § 42:1a-40
What does New Jersey Statutes § 42:1a-40 cover?
Section 42:1a-40 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 42:1a-40?
A common citation format is "New Jersey Statutes § 42:1a-40" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 42:1a-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.