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 […]
Disadvantages of Doing Business as a Corporations in Canada
Incorporation can be done at the federal or provincial/territorial level. When you incorporate your business, it is considered to be a legal entity that is separate from its shareholders. As a shareholder of a corporation, you will not be personally liable for the debts, obligations or acts of the corporation. It is always wise to […]
Advantages of Doing Business as a Corporations in Canada
Incorporation can be done at the federal or provincial/territorial level. When you incorporate your business, it is considered to be a legal entity that is separate from its shareholders. As a shareholder of a corporation, you will not be personally liable for the debts, obligations or acts of the corporation. It is always wise to […]
Disadvantages of Doing Business as a Partnerships in Canada
A partnership is a non-incorporated business that is created between two or more people. In a partnership, your financial resources are combined with those of your business partner(s), and put into the business. You and your partner(s) would then share in the profits of the business according to any legal agreement you have drawn up. […]
Advantages of Doing Business in Canada as a Partnerships
A partnership is a non-incorporated business that is created between two or more people. In a partnership, your financial resources are combined with those of your business partner(s), and put into the business. You and your partner(s) would then share in the profits of the business according to any legal agreement you have drawn up. […]
Disadvantages of Doing Business as a Sole Proprietorships in Canada
With this type of business organization, you are the sole owner, and fully responsible for all debts and obligations related to your business. All profits are yours to keep. Because you are personally liable, a creditor can make a claim against your personal assets as well as your business assets in order to satisfy any […]
Advantages of Registering a Sole Proprietorship in Canada
With this type of business organization, you are the sole owner, and fully responsible for all debts and obligations related to your business. All profits are yours to keep. Because you are personally liable, a creditor can make a claim against your personal assets as well as your business assets in order to satisfy any […]