General Features of Ontario Limited Partnerships

General Features of Ontario Limited Partnerships

An Ontario limited partnership is a form of general partnership, which is one of three ways of organizing a business in Ontario.

There are four characteristics that distinguish a limited partnership from a general partnership:

  • It is operated by a single general partner with unlimited liability, supported by other “limited partners.”
  • The single general partner gets a bigger share of the earnings in exchange for increased contributions and risk.
  • The limited partners contribute capital but cannot be involved in the company’s management.
  • The liability of the limited partners is capped by the amount of capital they contribute.

General Features of Ontario Limited Partnerships

  • Each Limited Partnership is required to have a legal name. The name must include a legal element, such as “Limited Partnership” or “LP”.
  • LP Name cannot include a last name or a distinctive corporate name unless it is the last name or corporate name of one of the general partners.
  • The name of a Limited Partnership may be in English form, French form or both.
  • The name cannot include restricted words, such as “bank”, “trust”, “insurance”, “stock exchange”, “university”, “academy” , etc.

Company Formations offers Canada Limited Partnership Registration to Canadian residents and non Canadian residents. Our Canada Limited Partnership registration service for Only $2000 (all inclusive) Includes:

Name Search confirming uniqueness of the name
Government registration fee
Registered office address for one year
Declaration Form 3 confirming registration of the Limited Partnership
Organizational Resolutions of the General Partners
Resolution Admitting of Limited Partner
Partnership Agreement
Register of General Partners
Register of Limited Partners

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