Unless otherwise agreed, no person may be introduced as a partner without the consent of all existing partners (see s. 24(7) of the Act). Consider providing for a simple majority vote or 50 per cent or more of the partnership interests. A new partner should be specifically required to become bound under the existing partnership agreement which may need to be amended to address new issues raised by adding new partners, etc.). In respect of new partners, the agreements should detail the new partner’s capital contribution (and timing of payment of same), share of profit and other related matters. Also consider adding to the agreement rules (or policies) for the admission of new partners so that such determination is made on an objective (not subjective) basis by the requisite partnership approval threshold.
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
Register of General Partners
Register of Limited Partners
For more information about our Ontario Limited Partnership Registration Services, please contact us using the form below: