Victorian Consolidated Legislation

Partnership Act 1958 - SECT 62

Change in status of partners

62. Change in status of partners





(1) If a general partner becomes a limited partner, the limitation on
liability does not extend to any liability of the limited partnership that
arose before the partner became a limited partner.

(2) If a limited partner becomes a general partner, the limitation on
liability no longer extends to any liability of the limited partnership that
arose before the partner became a general partner.