Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:3_4
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 3 cl 4
Character Range: 155740–156361

4  Subsection 995‑1(1) (definition of limited partnership)
Repeal the definition, substitute:

limited partnership means:
 (a) an association of persons (other than a company) carrying on business as partners or in receipt of *ordinary income or *statutory income jointly, where the liability of at least one of those persons is limited; or
 (b) an association of persons (other than one referred to in paragraph (a)) with legal personality separate from those persons that was formed solely for the purpose of becoming a *VCLP, an *AFOF or a *VCMP and to carry on activities that are carried on by a body of that kind.