Business documents
106 Business documents
In this section —
business document includes any letter, notice, publication, written offer, contract, order for goods or services, invoice, bill of exchange, promissory note, cheque, negotiable instrument, endorsement, letter of credit, receipt or statement of account.
A business document issued on behalf of a limited partnership in connection with the conduct of the partnership business must contain in legible letters of similar print size —
the firm name of the partnership; and
the words “A Limited Partnership” (or “L.P.” or “LP” as an abbreviation) immediately adjacent to the firm name.
Subsection (2)(b) is taken to be complied with if the words “Limited Partnership” or the abbreviation “L.P.” or “LP” forms part of the firm name.
A business document issued on behalf of an incorporated limited partnership in connection with the conduct of the partnership business must contain in legible letters of similar print size —
the firm name of the partnership; and
the words “An Incorporated Limited Partnership” (or “I.L.P.” or “ILP” as an abbreviation) immediately adjacent to the firm name.
Subsection (4)(b) is taken to be complied with if the words “Incorporated Limited Partnership” or the abbreviation “I.L.P.” or “ILP” forms part of the firm name.
A person who issues, or authorises the issue of, a business document that the person knows contravenes subsection (2) or (4) commits an offence.
Penalty for this subsection: a fine of $3 000.
A general partner in a limited partnership or incorporated limited partnership commits an offence if —
a business document is issued on behalf of the limited partnership or incorporated limited partnership; and
the general partner knows that the business document contravenes subsection (2) or (4).
Penalty for this subsection: a fine of $3 000.
This Act’s bill:Explanatory memorandumSecond reading speech
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