Unless otherwise agreed, every partnership is dissolved by the death or insolvency of a partner (see s. 33(1) of the Act). Unless otherwise agreed, a partnership is also dissolved if entered into for an undefined time if a partner gives notice to the other partners of the intention to dissolve the partnership (see s. 32 (c)of the Act). As a result, it is best to set out in the partnership agreement how and when a partnership will be dissolved. A partnership may also be dissolved, at the option of the other partners, if any partner suffers that partner’s share of the partnership property to be charged for that partner’s separate debt (see s. 33(2) of the Act). A partnership is in every case dissolved by the happening of any event that makes it unlawful for the business of the partnership to be carried on or for the members of the partnership to carry it on in partnership (see s. 34 of the Act). Furthermore, ss. 35(a)–(f) of the Act provide other grounds on which a partner may seek a court order to dissolve a partnership. An agreement that contemplates dissolution by vote of a specified number of partners, such as 50 per cent or more than 50 per cent of the partnership interest, could be an effective force for settling differences.
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: