New Jersey Partnership Lawyer: Right of Dissociation
This is Charles Internicola and if you’re a member of a New Jersey Limited Liability Company and you’re faced with a dispute — an actual wrongdoing or harmful actions by a fellow member — one important legal right that you need to know about is New Jersey’s Dissociation Statute. What is this Statute? Well, if you meet certain criteria, if you can demonstrate that your member is violating his or her obligations and causing economic harm to you and your other partners, you have the right to file a lawsuit against this member and seek an important remedy. This remedy is called dissociation and would force your fellow member to give up his or her equity interest in the limited liability company. This is an extreme remedy but it’s an important one or at least it’s an important tool that when you’re faced with a dispute as to your New Jersey LLC that you know about it, that you discuss with your attorney and you include in your negotiation strategy. I discuss this in my book “The New York and New Jersey Partnership Dispute Guide” which you can obtain a complementary copy of.
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