Victorian Consolidated Legislation

Partnership Act 1958 - SECT 71

Cessation of limited partnerships

71. Cessation of limited partnerships



(1) A partnership ceases to be a limited partnership if-

   (a)  none of the partners is a limited partner; or

   (b)  the partners agree that they will carry on the business of the
        partnership otherwise than as a limited partnership.

(2) If a limited partnership ceases to be a limited partnership and the
forming members of the partnership or some of them continue in association or
partnership, that association or partnership is no longer taken to be formed
in accordance with this Part.