A Limited Partnership is formed in Ontario according to the statutes of the Ontario Limited Partnership Act. A limited partnership is a partnership governed by statute and any governing documents agreed to between the parties (e.g. limited partnership agreement).
Management
Determine who is in charge of various partnership functions, such as sales, administration and production (or whether a managing partner or managing committee should be appointed from time to time). Unless otherwise agreed, every partner may take part in the management of the partnership business (see s. 24(5) of the Act). This may be impractical or undesirable. The agreement should provide for partnership meeting and notice procedures, as well as what voting and approval thresholds apply in respect of decisions in respect of partnership business. Unless otherwise agreed, a simple majority vote of all of the partners governs except for the introduction of new partners (see s. 24(7) of the Act), a change in the nature of the partnership business (see s. 24(8 )of the Act), and a change in the mutual rights and duties of partners, whether ascertained by agreement or defined by the Act (see s. 20 of the Act). Absent an agreement to the contrary, the foregoing exceptions require the consent of all existing partners. Consider carefully what partnership decisions may require (a) unanimous approval, (b) a special majority (i.e., 75%) or (c) a simple majority.
Advantages of Limited Partnerships in Ontario
Highly prestigious Canadian Company No restrictions on the residency of partners Availability of one-man limited partnership, when one person is a sole general and limited partner
There is no minimum authorized capital. Partners can make any contribution to the limited partnership
No withholding tax on profit received by partners outside of Ontario
No requirements to file corporate tax returns
No corporate income tax.
Our fee to register a new LP in Ontario is $2000 CAD all inclusive.
Our service includes:
Name Search confirming uniqueness of the name
Government registration fee
Registered office address in Ontario for one 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.
For more information about our Ontario Limited Partnership Registration Services, please contact us using the form below:
