Singapore legislation
Clause 3
Clause 3
Constitution of limited partnership
(1)
From the date of commencement of this Act, limited partnerships may be formed in accordance with and subject to the conditions of this Act.
(2)
A limited partnership must consist of —
one or more general partners; and
one or more limited partners.
(3)
A general partner shall be liable for all debts and obligations of the limited partnership incurred while he is a general partner in the limited partnership.
(4)
Subject to sections 6(2) and 10, a limited partner shall not be liable for the debts or obligations of the limited partnership beyond the amount of his agreed contribution, solely by reason of his being a limited partner of the limited partnership.
(5)
An individual or a corporation may be a general partner or a limited partner.