Form a new Limited Partnership in Ontario Accounting and Other Records
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).
The records kept and the statements to be given to partners should be sufficient for tax purposes and the legal requirements and allow for efficient business operation. An auditor/accountant should be sought to advise and assist the partnership to provide to its partners all necessary annual tax slips for income tax reporting purposes. In the absence of an agreement stating otherwise, every partner may, when the partner thinks fit, have access to and inspect and copy any of the books, which are to be kept at the place of business of the partnership (see s. 24(9 ) of the Act). Consider what scope and frequency of financial and other business information will be provided to partners (subject to any applicable privacy and confidentiality restrictions). Consider firm file/document storage and retention policies in light of records retention requirements under applicable laws.
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:
