53Requirements about partners

53 Requirements about partners (1) An incorporated limited partnership must have: (a) at least one general partner but not more than 20 general partners; and (b) at least one limited partner. (2) Any of the following may be a general partner or limited partner: (a) a natural person; (b) a partnership; (c) an incorporated body. (3) For subsection (1)(a), if a general partner is a partnership, the number of partners in that partnership that do not have limited liability as partners under the law of the place where it is formed must be counted as general partners. Part 3 Incorporated limited partnerships Division 2 Formation of incorporated limited partnerships Partnership Act 1997 24 (4) To avoid doubt: (a) the number of partners in a partnership referred to in subsection (3) may be worked out in accordance with one or more applications of that subsection; and (b) an entity must be counted only once for subsection (3) if it is a partner in more than one partnership; and (c) if a partner in a partnership is counted, the partnership itself must not be counted.