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Terms Used In New Jersey Statutes 54:10A-15.9

  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
6. a. Notwithstanding the provisions of subsection b. of section 3 of P.L.2001, c.136 (C. 54:10A-15.6) and the provisions of subsection b. of section 4 of P.L.2001, c.136 (C. 54:10A-15.7), the liability of a taxpayer that is a limited liability company or a foreign limited liability company subject to the provisions of subsection b. of section 3 of P.L.2001, c.136 (C. 54:10A-15.6) or that is a limited partnership or foreign limited partnership subject to the provisions of subsection b. of section 4 of P.L.2001, c.136 (C. 54:10A-15.7) shall, for privilege periods beginning in calendar year 2001, be 45% of the amount otherwise due.

b. Notwithstanding the provisions of subsection a. of section 5 of P.L.2001, c.136 (C. 54:10A-15.8), no estimated payment shall be due from a taxpayer that is a limited liability company or a foreign limited liability company subject to the provisions of subsection b. of section 3 of P.L.2001, c.136 (C. 54:10A-15.6) or that is a limited partnership or foreign limited partnership subject to the provisions of subsection b. of section 4 of P.L.2001, c.136 (C. 54:10A-15.7) for privilege periods beginning in calendar year 2001.

L.2001,c.136,s.6.