Victorian Consolidated Legislation

Partnership Act 1958 - SECT 51

Size of limited partnership

51. Size of limited partnership



(1) A limited partnership may have any number of limited partners.

(2) The number of general partners must not (if the partnership consisted only
of those general partners) exceed-

   (a)  20; 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-that higher number.

(3) For the purposes of subsection (2)-

   (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.