The State of NJ has issued a document summarizing all of the
changes as they apply to NJ partnerships. It can be found
here:

www.state.nj.us/treasury/taxation/archived/partnotice.htm

Among the important issues which have NOT been discussed to
death already:

1) All partnerships which are not Qualified Investment
Partnerships (QIP) must withhold and remit tax on behalf of
nonresident partners. (this is in addition to the
$150/partner filing fee).

A QIP is a partnership with more than 10 partners; no member
having more than a 50% interest; deriving 90% of income from
investment income: and not having a "dealer in securities"
(as defined by IRC Section 1236) included.

2) However, partnerships which qualify as "Hedge Funds" do
not have to withhold or remit tax estimates for nonresident
partners.

See the instructions for Form 1065-NJ to determine whether
your club qualifies as a hedge fund (most should).

It is EXTREMELY important that the correct checkboxes be
marked at the top of Form 1065 NJ. For investment clubs
these will include one or more of the following: "Qualified
Investment Partnership", "Hedge Fund" and "Investment Club".
Failure to do so could lead to the state demanding the
filing fee or tax payments.