The bill is a revision bill and revises and re-enacts the Partnership Act 1908 in an up-to-date and accessible form without changing the Act’s substance. It will apply to new businesses and existing ones under the Partnership Act. The language and style have been modernised to make the law more accessible and reduce costs for partnerships. Minor amendments to clarify Parliament’s intent or to reconcile inconsistencies are listed in Schedule 2.
The Committee received no submissions and received advice from MBIE and the Parliamentary Counsel Office.