(1)  An incorporated limited partnership has the legal capacity and powers of an individual and also all the powers of a body corporate including (for example) the power, whether within or outside Tasmania or outside Australia –

(a) to carry on the business of the partnership; or

(b) to enter into contracts or otherwise acquire rights or liabilities; or

(c) to create, confer, vary or cancel interests in the partnership; or

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

(e) to appoint agents and attorneys, and act as agent for other persons; or

(f) to form, and participate in the formation of, companies or incorporated limited partnerships; or

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

(h) to do such other things as it is authorised to do by or under this Act.

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