55Partners in incorporated limited partnership

55 Partners in incorporated limited partnership (1) An incorporated limited partnership must have— (a) at least 1 general partner but no more than 20 general partners; and (b) at least 1 limited partner. (2) A corporation may be a general partner or limited partner. (3) A partnership (including an external partnership) may be a general partner or limited partner in an incorporated limited partnership.

Division 6.2 Nature and formation of incorporated limited partnerships (4) For subsection (1) (a)— (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 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—only the number of partners in that partnership whose liability is not limited is counted.