QUESTION

When registering a business in NJ do I need to have me name listed as a partner ?

Asked on Jul 25th, 2013 on Business Law - New Jersey
More details to this question:
I have a limited partnership which means I will not be incharge of any liabilities or debts of the business . My questions is , If I'm register in the state of NJ as a partner does it means that I'm responsible for all the business liabilities.
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1 ANSWER

If you are a limited partner, then your liabilities are limited to the amount of your investment.  In other words you can never lose more than what you have put into the company.  That is the reason for forming a limited partnership.  On the other hand, if you are the general partner, who was operating the business, then as a general partner, you have unlimited liability for the business liabilities.  In other words, general partners are fully answerable for all liabilities of a partnership.  Limited partners are not.  The answer to your question depends upon what your status is within the limited partnership.  As a limited partner your liability is limited.  As a general partner.  It is not.
Answered on Jul 30th, 2013 at 2:11 PM

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