Released on March 27, 2001
Saskatchewan joined Alberta and Ontario today as the first three provinces
in Canada to introduce legislation to provide for limited liability
partnerships.
Currently in Saskatchewan, most business is conducted through business
corporations. Owners and managers of a corporation are not personally
responsible for the ordinary debts of the corporation or for liabilities
incurred for defective products or services.
"The members of most professions, including dentists, optometrists,
chiropractors, lawyers and accountants currently practice in partnerships,
rather than as business corporations," Justice Minister Chris Axworthy
said. "Allowing these partnerships to register as limited liability
partnerships protects each partner from personal liability for the
obligations of the firm and provides consumers with information about the
partnership."
The proposed amendments to The Partnership Act are based on a model act
drafted by the Uniform Law Conference of Canada to provide consistency of
the law respecting limited liability partnerships in all provinces.
-30-
For more information, contact:
Jeff Bohach
Saskatchewan Justice
Regina
Phone: 787-5657
e-mail: jbohach@justice.gov.sk.ca