Unless otherwise agreed, no majority of the partners can expel any partner (see s. 25 of the Act) unless conferred by express agreement of the partners. Consider also the implications under the agreement should a partner elect to voluntarily withdraw from the firm. Also consider adding to the agreement rules (or policies) for the expulsion of existing partners so that such determination is made on an objective (not subjective) basis by the requisite partnership approval threshold. Grounds for expulsion could be based on breach of the agreement or other “bad” conduct, failure to achieve/maintain certain financial targets, permanent disability or otherwise.
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: