This template is a General Partnership Agreement in which a New Jersey general partnership is formed for a defined business purpose. This template includes practical guidance, drafting notes, and alternate clauses. There are few statutory restrictions that govern the terms of a general partnership agreement. Therefore, it is critically important that the partnership agreement is carefully drafted to reflect the parties' full agreement. On January 1, 2018, the Bipartisan Budget Act of 2015 (BBA) took effect governing IRS tax audits of partnerships and limited liability companies (and other entities) taxed as partnerships. This template takes into account these rules bringing significant changes to the assessment and collection of tax at the partnership level, calculating imputed underpayment, the introduction of a "partnership representative" or "tax member representative" that differs in certain critical ways from the former legislation's "tax matters partner," requirements to elect ...