Western Australian Current Acts

LIMITED PARTNERSHIPS ACT 2016 - SECT 50

50 .         Effect on liability of change in status of partner

        (1)         If a general partner becomes a limited partner, the partner remains liable, as if the partner were a general partner, for any liability of the incorporated limited partnership that arose before the partner became a limited partner to the extent that the partnership is unable to satisfy the liability or to any greater extent provided by the partnership agreement.

        (2)         If a limited partner becomes a general partner, the partner remains not liable for any liability of the incorporated limited partnership that arose before the partner became a general partner.