Legal Question in Business Law in New Jersey

Not sure, it might. I would need to know exactly what went on, in order to answer your question.

Not exactly. Personal liability may still attach to debts incurred by the partnership during its existence even if the new corporation assumes them. However that should not discourage the formation of a corporation or other limited liability entity. Your lawyer can help and can explain how the law applies to your particular situtation.

See also: http://info.corbettlaw.net/lawguru.htm

The short answer is, no. However, to paraphrase H.L. Mencken, � For every question, there is an answer that is simple, neat and wrong. I'd be pleased to speak with you and explore the circumstances further. (BTW... There are many exceptions to the corporate liability shield as well!) Please visit my website! www.bgartenberg.com or call me 973-921-0600 if you�d like to learn more about me or my practice. Thank you.

Kindly note and remember that my response is merely a general comment on the law related to your question, and NOT legal advice or opinion. Also, your question and my response does NOT create an attorney-client relationship between us. You cannot rely upon what I have written, because I do not have all of the information that I need to advise you or render an opinion. Even simple facts you have not shared can completely change my answer. For me to give you legal advice or opinion, you would need to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.

With best wishes,

Barry F. Gartenberg, Esq.