New Jersey S156 revises laws on partnerships, limited partnerships, and limited liability companies.

New Jersey S156 revises laws concerning partnerships, limited partnerships, and limited liability companies. The bill allows partnerships and limited partnerships to convert to and from other business entities, clarifies indemnification standards, addresses notice issues, and makes other changes to the "Revised Uniform Limited Liability Company Act." The bill also eliminates the requirement that a limited liability company must have a member before it may be formed.

New Jersey S156 revises laws on partnerships, limited partnerships, and limited liability companies.

New Jersey S156 revises laws concerning partnerships, limited partnerships, and limited liability companies. The bill allows partnerships and limited partnerships to convert to and from other business entities, clarifies indemnification standards, addresses notice issues, and makes other changes to the "Revised Uniform Limited Liability Company Act." The bill also eliminates the requirement that a limited liability company must have a member before it may be formed.