Limited Partnerships Act 2016

An incorporated limited partnership is a body corporate with —

legal personality separate from that of the partners in it; and

perpetual succession.

An incorporated limited partnership may have a common seal.

An incorporated limited partnership may sue and be sued in its firm name.

An incorporated limited partnership has the legal capacity and powers of an individual.

An incorporated limited partnership has the powers of a body corporate, including the power to do any of the following, whether within or outside this State or outside Australia —

carry on the business of the partnership;

enter into contracts or otherwise acquire rights or liabilities;

create, confer, vary or cancel interests in the partnership;

acquire, hold and dispose of real or personal property or an interest (whether beneficial or legal) in real or personal property;

appoint agents and attorneys, and act as agent for other persons;

form, and participate in the formation of, companies or incorporated limited partnerships;

participate in partnerships, trusts, joint ventures or other associations and other arrangements for the sharing of profits;

do any other things that it is authorised to do by or under this Act.

The powers of an incorporated limited partnership may be limited by the partnership agreement.

A reference in this Act, in relation to an incorporated limited partnership, to the partnership is a reference to the incorporated limited partnership as a separate legal entity and not to the partners in that partnership.