52Size of limited partnership or incorporated limited partnership

#### 52 Size of limited partnership or incorporated limited partnership 52 Size of limited partnership or incorporated limited partnership > > (1) A limited partnership or incorporated limited partnership may have any number of limited partners. > > > (2) An incorporated limited partnership must not have more than 20 general partners. > > > (3) A limited partnership— > > > > > (a) must not have more than 20 general partners, or > > > > > (b) if the partnership is of a particular kind in respect of which a higher number applies in accordance with section 115 (2) of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth (and the partnership consisted only of those general partners)—must not have more general partners than that higher number. > > > (4) For the purposes of this section— > > > > > (a) if a general partner is a partnership or external partnership and no partner in that partnership has, under the law of the place where the partnership is formed, limited liability for the liabilities of the partnership, the number of partners in that partnership is to be counted, and > > > > > (b) if a general partner is a partnership or external partnership and any partner in that partnership has, under the law of the place where the partnership is formed, limited liability for the liabilities of the partnership, the number of partners in that partnership whose liability is not so limited is to be counted but no account is to be taken of the number of partners in that partnership whose liability is so limited. > > **s 52:** Ins 1991 No 48, Sch 1. Am 2001 No 34, Sch 4.43 \[3\]; 2004 No 8, Sch 1 \[58\] \[59\].