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I have a few questions. I am setting up an Limited

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Hello, I have a few questions...
Hello,
I have a few questions. I am setting up an Limited Partnership. I have this small piece of property. I have to set up an LP to transfer the property into this LP. Another company is then going to purchase the LP and own the property. I am setting up this LP and do not know how to answer the Business Formation correctly. Please see the questions below:1. Set forth the aggregate amount of cash and a description and statement of the agreed value of other property or services contributed by all partners, or agreed to be contributed in the future.PARTNERSHIP RIGHTS
1. Do the limited partners have the power to grant the right to become a limited partner to an assignee of any part of their partnership?2. Do the limited partners have the right to receive distributions from a partner which includes a return of all or any part of their partner’s contributions?3. Do the general partners have the right to make distributions to a partner which includes a return of all or any part of the partner’s contributions?Withdrawals and Dissolution1.What are the rights of the remaining general partners to contribute to the business in the event that a general partner withdraws?2. When and upon what events occurring is this limited partnership to be dissolved and its affairs wound up?I know these are a lot of questions but I just need to answer them briefly. I will be turning this LP to another company in 2 months and I don't want to put something in this formation that's wrong.Thank you.
Submitted: 8 months ago.Category: Business Law
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Customer reply replied 8 months ago
Are these too many questions? Too many parts? Haven't had a response. Really wanted to connect with someone that can help.
Thanks
Answered in 12 hours by:
12/12/2017
Business Lawyer: Asad Rahman, Attorney replied 8 months ago
Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2,556
Experience: Practicing Attorney with 10 years experience
Verified

If you do not have a partnership agreement in place then you have to look to the New Jersey partnership statute. This acts as your bylaws in the absence of a governing document. https://law.justia.com/codes/new-jersey/2013/title-42/

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