An Ontario limited partnership is a partnership governed by statute and any governing documents agreed to between the parties (limited partnership agreement). The Ontario Limited Partnerships Act states that a limited partnership must consist of at least one person who is a GENERAL partner and one person who is a LIMITED partner. And there can […]
Archive | Limited Partnerships
Formation of limited partnership in Ontario
By ecompanies on July 28, 2018 in Corporate Registry Canada, Doing Business in Canada, Doing Business in Ontario, Limited Partnerships
An Ontario limited partnership is formed when a declaration is filed with the Ontario Corporate Registry office in accordance with the Ontario Limited Partnership Act. A declaration shall be signed by all of the general partners desiring to form a limited partnership and shall state the prescribed information. Advantages of Ontario Limited Partnerships Ontario Limited […]
Rights of limited partner in Ontario Limited Partnerships
A limited partner has the same right as a general partner, (a) to inspect and make copies of or take extracts from the limited partnership books at all times; (b) to be given, on demand, true and full information concerning all matters affecting the limited partnership, and to be given a complete and formal account […]
Liability of limited partner in Ontario Limited Partnerships
a limited partner is not liable for the obligations of the limited partnership except in respect of the value of money and other property the limited partner contributes or agrees to contribute to the limited partnership, as stated in the record of limited partners. Benefits of Ontario Limited Partnerships An LP is not considered a […]
Rights of General Partners in Ontario Limited Partnerships
A general partner in a limited partnership has all the rights and powers and is subject to all the restrictions and liabilities of a partner in a partnership without limited partners except that, without the written consent to or ratification of the specific act by all the limited partners, a general partner has no authority […]
General and limited partners
A person may be a general partner and a limited partner at the same time in the same limited partnership. A person who is at the same time a general partner and a limited partner in the same limited partnership has the rights and powers and is subject to the restrictions and liabilities of a […]
Record of limited partners in an Ontario Limited Partnership
The general partners of every limited partnership other than an extra-provincial limited partnership shall maintain a current record of the limited partners stating, for each limited partner, the prescribed information. Where record to be kept The record of limited partners shall be kept at the limited partnership’s principal place of business in Ontario. Rights to […]
Formation of limited partnership in Ontario
A limited partnership is formed in Ontario when a declaration is accepted for filing with the Ontario Registries Office in accordance with the Ontario Limited partnership Act and any applicable regulations and Registrar’s requirements. Benefits of Ontario Limited Partnerships An LP is not considered a separate taxable entity under the Income Tax Act (Canada). Therefore, […]
Declaration on General Partners in an Ontario Limited Partnership
A declaration shall be signed by all of the general partners desiring to form a limited partnership and shall state the prescribed information. Benefits of Ontario Limited Partnerships 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 […]
How is an Ontario Limited partnership Formed
An Ontario limited partnership is formed when a declaration is filed with the Ontario Registries Office in accordance with the Ontario Limited Partnership Act. Benefits of Ontario Limited Partnerships 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 […]