If you are a general partner in a limited partnership, you are only liable for debts if the partnership cannot pay them. This means you are responsible for paying debts only if the partnership does not have enough money to pay them. You can check sections 26 and 27 for more information, but this rule applies unless the partnership agreement says something different.
This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.
This page was last updated on
View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1139171.
27: Joint and several liability of general partner for omission or wrong, or
"General partners are responsible for mistakes made by their limited partnership"
29: Obligation imposed on general partner under this Act, or
"General partners must follow the rules and make sure things get done on time"
Despite sections 26 and 27 and unless the partnership agreement provides otherwise, a general partner is only liable for any debts or liabilities of the limited partnership to the extent that the limited partnership cannot pay those debts or liabilities.
