85Partners in an incorporated limited partnership

85 Partners in an incorporated limited partnership

(1) An incorporated limited partnership must have—

(a) at least one general partner but no more than 20 general partners; and

(b) at least one limited partner.

There is no limit on the number of limited partners.

(2) A body corporate may be a general partner or a limited partner.

(3) For the purposes of subsection (1)(a)—

(a) if a general partner is a 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 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. 86 inserted by No. 99/2003 s. 4.