Thank you, Mr. Chairman. I am pleased to be here today to speak about Bill 41, An Act to Amend the Partnership Act.

The Partnership Act governs the relationship between partners in a business partnership, including limited partnerships and limited liability partnerships, as well as the relationships between a partnership and those they deal with.

The primary focus of the proposed amendments is to improve the outdated registration requirements of the act. The bill includes amendments that require, in almost all cases, partnerships and business names be registered before the entity operates in the Northwest Territories and that the registration be renewed every four years. It will also add restrictions to the names that may be registered and amend administrative provisions of the act to correspond more closely with similar provisions in the Business Corporations Act.

The department consulted in respect of the proposed amendments with the Law Society of the Northwest Territories, which in turn made consultation materials accessible to all of its members, and also with the Northwest Territories Chamber of Commerce. A consultation paper, including the provisions of a draft act, was also posted on the department’s website, inviting public input. In addition, the Department of Industry, Tourism and Investment provided constructive suggestions that are reflected in the bill before you today.

I would like to thank the Standing Committee on Social Programs for its review of Bill 41 and would be pleased to answer any questions that Members may have regarding this bill. Thank you.