Form a new Limited Partnership in Ontario Partners to Devote Full Time
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).
Partners to Devote Full Time
Section 28 of the Act states that partners are bound to render true accounts and full information of all things affecting the partnership to any partner or the partner’s legal representative. Section 29 of the Act states that every partner must account to the firm for any benefit derived by the partner without the consent of the other partners from any transaction concerning the partnership or from any use by the partner of the partnership property, name or business connection. Consider the impact of partners personally receiving other sources of income related to firm business (e.g., directors’ fees, stock options from clients, teaching fees, and publishing royalties, etc.) and whether same can be retained by such partners or must be contributed to and considered part of the firm’s revenues. Determine and clearly outline in the agreement whether “moonlighting” is prohibited. Determine the salaries or other remuneration of the partners, if any. Absent an agreement to the contrary, no partner is entitled to remuneration for acting in the partnership business (see s. 24(6) of the Act). Consider if all partners are required to participate in firm business on a full-time or other basis.
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: