The New Jersey partnership agreement attaches a specific company to the policies it will operate under and the partners behind it. New Jersey partnerships that choose to enter this agreement will be armed with a written record of their status, structure, and a declaration of how they should be taxed. Such documentation is useful when New Jersey partners seek to perform actions such as obtaining business loans on behalf of the company or completing necessary financial transactions.
Bear in mind, the provisions inside this contract will solidify each partner’s authority and thus should be carefully reviewed by the New Jersey partners before it is executed.
“Partnership agreement” means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.”