How can I dissolve my LLC partnership in New Jersey?

Full question:

I have an LLC partnership in NJ, and need to finish it, as we have no business, and my partner fraudulently used my personal bank account in Miami to try paying his bills. I am afraid he could do more irregular things and have me involved. I live in Colombia, for what he did all the paperwork for the company, but I never signed any paperwork. How can I do this, and how much would it cost?

  • Category: Corporations
  • Subcategory: Corporate Dissolution
  • Date:
  • State: New Jersey

Answer:

If you want to dissolve your LLC partnership in New Jersey, you can petition the court for dissolution, especially if there is no buy-sell agreement in place. You may also have grounds to sue your partner for breach of fiduciary duty, fraud, or other claims due to their actions.

According to New Jersey law, the Superior Court may decree dissolution of a limited liability company when it is not practical to continue the business as per the operating agreement (N.J. Stat. § 42:2B-49). Additionally, a limited partnership can be dissolved under certain conditions, such as when the fixed duration expires or by a majority vote (N.J. Stat. § 42:3-14).

It is advisable to consult a local attorney who can review your situation and provide guidance on the next steps and potential costs involved.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

If your business partner lies to you, document the incidents and gather any evidence of the deceit. You may want to confront your partner directly to discuss the issue. Depending on the severity, you can consider legal action for breach of fiduciary duty or fraud. Consulting with an attorney is advisable to understand your rights and options for resolution.