71Cessation of limited partnerships

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71 Cessation of limited partnerships

(1) A partnership ceases to be a limited partnership if—

(a) none of the partners is a limited partner; or

(b) the partners agree that they will carry on the business of the partnership otherwise than as a limited partnership.

(2) If a limited partnership ceases to be a limited partnership and the forming members of the partnership or some of them continue in association or partnership, that association or partnership is no longer taken to be formed in accordance with this Part.

S. 72 inserted by No. 43/1992 s. 5.