The Government is seeking submissions on an update of Partnership Act 1908 before it is introduced into Parliament.
The Partnership Law Bill, which is on the Government’s current statute revision programme, rewrites the Partnership Act 1908 in modern language and drafting style without changing the substantive effect of the law.
Attorney-General David Parker says the bill restates important rules that govern a business partnership, making them clearer and easier for the public to understand and apply.
"Rules in the Partnership Law Bill cover, for example, the rights and obligations of partners to each other and to third parties,” he says.
Mr Parker says the bill makes some very small amendments to the law that are permitted under the statutory revision powers and feedback is being sought on these and other issues.
The bill and explanatory material can be found here. Submissions close on 15 June 2018.