Registered Office in Ontario: According to the Ontario Business Corporations Act, “registered office” means the office of a corporation located at the address specified in its articles or in the notice most recently filed with the Central Production and Verification Services Branch by the corporation. The corporation’s registered office must be located in Ontario at […]
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Extra–provincial domestic corporations and unincorporated businesses that want to do business in Ontario
If an extra–provincial domestic corporation wishes to operate in Ontario, the corporation must file an Initial Return/Notice of Change, Form 2 under the Corporations Information Act with the Central Production and Verification Services Branch, Ministry of Government and Consumer Services. You must include a photocopy of the page or pages of the most recent articles […]
What are the benefits of Incorporating in Canada?
The primary advantage of incorporating a new company in Canada is to limit your liability to the assets of the corporation only. Usually, shareholders are not liable for the debts or obligations of the corporation. So if your corporation defaults on a loan, unless you haven’t personally signed for it, your personal assets won’t be […]
General Features of Ontario Limited Partnerships
An Ontario limited partnership is a form of general partnership, which is one of three ways of organizing a business in Ontario. 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 […]
Common Use of Canada Limited Partnerships
A Canada limited partnership (LP) is a partnership among persons carrying on business in common. It is composed of a general partner (or partners) and one or more limited partners. The limited partners benefit from limited liability. In a Canadian Limited partnership, management is conducted by the general partner(s), who is/are fully liable for all […]
Form a new Limited Partnership in Ontario Registration and Amendment
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). Registration and Amendment Provide for requisite registration under the Business Names Act and an undertaking by […]
Form a new Limited Partnership in Ontario Arbitration of Disputes
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). Arbitration of Disputes It is best to keep disputes between partners out of courts since it […]
Form a new Limited Partnership in Ontario Insurance
Insurance Determine the kinds of professional liability and commercial insurance coverages, the limits and the deductibles that are appropriate for the partnership. These should be reviewed annually/periodically. Consider an obligation on each partner to purchase a stipulated amount of term insurance on the life of the other partners sufficient to fund in whole or in […]
Form a new Limited Partnership in Ontario: Partnership Property
Partnership Property Partnership property should be registered in the firm’s name or in the name of one or more of the partners. If the latter is done, clearly define the property in the agreement. See ss. 21-22 of the Act. Advantages of Limited Partnerships in Ontario Highly prestigious Canadian Company No restrictions on the residency […]
Form a new Limited Partnership in Ontario: Valuation of Partnership Interest
Valuation of Partnership Interest Determine how the amount to be paid to a withdrawing/retiring, expelled or deceased partner for the partner’s interest in the partnership is to be calculated. Determine whether goodwill will be included in the valuation. If so, the valuation could be based on a reasonable multiple of profits over the past several […]
