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 of the partnership affairs; and
(c) to obtain dissolution of the limited partnership by court order.
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 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.
Ontario Limited Partnership Registration Service in 24 Hours
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.
https://e-companies.ca/Ontario-limited-partnership-registration.html
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