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LIMITED PARTNERSHIPS - CHANGES ARE COMING

Come 1 September 2014 all new Limited Partnerships will be subject to new requirements set out in the Limited Partnerships Amendment Act
2014.

Key new requirements include:

Where the General Partner is a natural person they must either live in NZ or live in an enforcement country (e.g Australia) and be a director of a company that is registered in that enforcement country.

Where the General Partner is a company it must have a director who either lives in NZ or lives in an enforcement country.

Every person who is a General Partner or a director of a General Partner must meet new qualification requirements (similar to the qualification requirements for Directors).

Provision of more detailed personal information for general and limited partners (including the directors of a general partner company), including full legal names, place and date of birth, together with residential address details.

Annual Returns must include more detailed information.

The Registrar of Companies will have enhanced powers to de-register Limited Partnerships.

The changes are in line with similar changes that impact the incorporation of companies in NZ.

In addition to applying to new Limited Partnerships, all existing Limited Partnerships will also have to comply with the resident general partner requirements by 27 February 2015.

Anyone with an existing Limited Partnership or thinking about setting one up should familiarise themselves with these amendments.

Written by Kylie van Heerden at 09:00

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