Limited partnerships law review

Updates on the progression of the review and changes are available on the limited partnerships law reform page. 

Status: Closed 3 February 2014

Consumer Protection was seeking the views of the community in regards to proposed reforms to limited partnership laws.

Background

The current laws have been in place for more than a hundred years and are in urgent need of updating. Changes are needed to open up investment opportunities that will benefit the WA’s innovative industries and facilitate the development of new technologies, while protecting investors from liability through a sound corporate structure. 

The proposed changes involve allowing the formation of Incorporated Limited Partnerships (ILP’s), a relatively new form of limited partnership designed specifically for use by venture capital investors, as well as more clearly defining the limitation of liability of limited partners so as to remove any uncertainty that arises from the current laws. These amendments will bring WA in line with the other Australian Jurisdictions.

Review update

November 2014 - The Department of Commerce would like to thank everyone who provided feedback in response to the discussion paper for the Limited Partnerships review.

Six (6) public submissions were received, all of which supported the proposed reforms.

Next Stage

The next stage of the review is to prepare a draft Bill containing the proposed amendments to the Limited Partnerships Act 1909. Work has now commenced on this stage. Once completed, the draft Bill will need to be passed by Parliament before becoming law.

Downloads/resources

Enquiries can be made by calling Consumer Protection's Advice Line on 1300 304 054 or by email.

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