Ontario Limited Partnership Registration service in 24 Hours.
Register a new Limited Partnership in Ontario Canada. An Ontario limited partnership is a partnership consisting of one or more general partners, who have unlimited liability, and one or more limited partners, who have limited liability depending upon their contribution to the partnership.
For liability reasons, limited partnerships are often set up with a corporation as the general partner and two or more individuals as limited partners.
A limited partner (also referred to as a "silent partner") contributes financially and may occasionally provide advice but is not otherwise involved in the business. If a limited partner does become involved in operating the business, he or she will lose their "limited" liability status and become just as liable as a general partner.
e-Companies Canada offer fast & easy Canada online limited partnership registration service in Ontario Canada. At e-Companies.ca we help you step-by-step and take care of the entire Limited Partnership registration process from start to finish. Registering a new limited partnership with us is fast, easy and takes just minutes.
There are four characteristics that distinguish a limited partnership from a general partnership:
It is operated by a single general partner with unlimited liability, supported by other “limited partners.”
The single general partner gets a bigger share of the earnings in exchange for increased contributions and risk.
The limited partners contribute capital but cannot be involved in the company’s management.
The liability of the limited partners is capped by the amount of capital they contribute.
Our Ontario Limited Partnership Registration service includes:
Name Search Report confirming the availability and uniqueness of the name.
Government Registration Fees.
Declaration Form 3 confirming registration of the Limited Partnership.
Organizational Resolutions of the General Partners.
Resolution Admitting of Limited Partner.
Register of General Partners.
Register of Limited Partners.
An LP is not considered a separate taxable entity under the Income Tax Act (Canada). Therefore, it is not required to pay income taxes or file a corporate income tax return. Instead, all profits received by an LP are passed through the LP. Profits and losses are then allocated among the partners of the LP at the end of the fiscal year, in accordance with the terms of the LP agreement governing the LP’s business and affairs.
Partners who are Canadian residents are required to include their part of the profit received through the LP in their personal/corporate tax returns. Partners who are not Canadian residents are not subject to withholding tax on the profits they receive from the LP.
LPs have no audit requirements.
Questions? Please visit our frequently asked questions page , or use our contact form