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Limited Partnerships Act 2008

General - Financial reporting

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

You could also call this:

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

Illustration for Limited Partnerships Act 2008

If you are in a large limited partnership, this section might apply to you, unless your partnership agreement says it does not, or your limited partnership is a public entity. You can choose not to follow the audit rules in section 75A for a particular accounting period. To do this, partners who have contributed at least 95% of the capital must agree to it within 6 months of the start of that accounting period.

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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=DLM6043646.

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Part 2General
Financial reporting

75GLarge limited partnerships may opt out of audit requirement

  1. This section applies to a large limited partnership unless—

  2. the partnership agreement for the limited partnership expressly provides that this section does not apply; or
    1. the limited partnership is a public entity.

      1. The limited partnership may, within 6 months from the start of an accounting period, opt out of compliance with section 75A (audit requirement) in relation to that accounting period by way of a resolution passed or signed by partners who together have contributed at least 95% of the capital contributions of all the partners.

      2. If the limited partnership opts out of compliance with section 75A in relation to an accounting period under this section, the section does not apply to the limited partnership in relation to that period.

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