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Limited Partnerships Act 2008

General - Financial reporting

75F: Limited partnership may opt in

You could also call this:

"Partners can choose to follow extra financial rules if they own at least 5% of the business."

Illustration for Limited Partnerships Act 2008

If you are a partner in a limited partnership and you have contributed at least 5% of the capital, you can ask the partnership to follow certain rules. You can ask them to prepare financial statements, as stated in section 75, or to have their financial statements audited, as stated in section 75A, or to distribute their financial statements, as stated in section 75C. You must give the partnership written notice within 6 months of the start of the accounting period. If you give this notice, the partnership must follow the rules you asked for during that accounting period. You can make this request for one or more of these rules.

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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=DLM6043645.

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75E: Non-application of provisions if alternative financial reporting duties under financial markets legislation, or

"You don't have to follow some financial reporting rules if you already report under other laws."

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75G: Large limited partnerships may opt out of audit requirement, or

"Big limited partnerships can choose not to have their accounts checked if most partners agree."

Part 2General
Financial reporting

75FLimited partnership may opt in

  1. A partner of a limited partnership who has, or the partners of a limited partnership who together have, contributed at least 5% of the capital contributions of all the partners may, by written notice given to the limited partnership within 6 months after the start of an accounting period, require the limited partnership to comply with 1 or more of the following provisions in relation to the accounting period:

  2. section 75 (preparation of financial statements):
    1. section 75A (audit requirement):
      1. section 75C (distribution of financial statements).

        1. If a notice is given under subsection (1) in relation to a provision and an accounting period, the provision applies to the limited partnership in relation to that period.

        Notes
        • Section 75F: inserted, on , by section 107 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).