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).
Retirement, Bankruptcy or Death of Partner
Unless otherwise agreed, death or insolvency of a partner results in the dissolution of the partnership (see s. 33(1) of the Act). The agreement should contemplate a notice period and contain an agreement of the remaining partners to buy out a retiring, insolvent or deceased partner. It is important to outline a method of valuating a current or former partner’s partnership interest in the partnership (see below) and the payment/other terms.
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: