Form a new Limited Partnership in Ontario Accounting Principles

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).

Determine whether assets of the partnership will be valued at cost, market or depreciated value. Determine the valuation of goodwill and depreciation policy. Determine whether there will be any interest on advances and capital contributions by the partners. Unless otherwise agreed, a partner is not entitled, before the ascertainment of profits, to any interest on capital subscribed by the partner (see s. 24(4)of the Act). However, if a partner makes any payment or advance for the partnership beyond the amount of capital that the partner has agreed to subscribe, then the partner is, unless otherwise agreed, entitled to interest at a rate of 5% per annum from the date of payment or advance (see s. 24(3) of the Act). Determine the write-off policy, reserves for working capital, receivables, overvalued inventory, policy regarding partnership and personal expenses, calculation of profit and any other relevant accounting principles and policies. All of the above should be considered with the firm’s auditors or accountants.

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:

* indicates required field