An Ontario Limited partnership consists of two or more legal entities pooling their resources to operate a shared business. The “legal entities” that form the partnership may be individuals, corporations, trusts or partnerships.
The resources each partner contributes to the new business partnership don’t have to be in the form of money. A partner’s contribution might be something such as skills, labour or property.
And although all partners share the same risks in a business operation, they may or may not equally share the business’s profits or losses; a partner’s share is defined by the partnership agreement. The amount of liability each partner has depends greatly on which kind of partnership is created.
Canadian residency is not required for a person to be a general partner or a limited partner in an Ontario Limited Partnership. Additionally, when a non-Canadian corporation is acting as a limited partner, it is not required to complete extra-provincial registration in Ontario.
Our Ontario Limited Partnership Registration service includes:
- Name Search Report confirming the availability and uniqueness of the name.
- Government Registration Fees.
- Registered Office Address for 1 Year
- Declaration Form 3 confirming registration of the Limited Partnership.
- Organizational Resolutions of the General Partners.
- Resolution Admitting of Limited Partner.
- Partnership Agreement.
- Register of General Partners.
- Register of Limited Partners.
- Courier Delivery.