Project No. 74

Commenced: 1978
Completed: 1992

The reference arose from practical difficulties experienced with limited partnerships. There are two classes of partnership: (a) general partners who have unlimited personal liability in the same way as a person in an ordinary partnership; and (b) limited partners who, provided they do not take any part in the management of the business, are liable only for the amount of money they have contributed or have agreed to contribute to the partnership equity.