In an Ontario Limited Partnership, “Ontario LP” The General Partner manages the affairs of the LP and will be liable for any debts of the LP. The General Partner will represent the LP in dealings with third parties. Natural persons, corporate entities and Trustees of Trusts may serve as General Partner. Where the General Partner is a legal entity established outside of Canada, it will be required to make an application for an ‘extra-provincial’ license to allow it to fulfill this role. This license must be renewed annually and an annual return must also be filed.
Subject to Registrar approval, the Canadian LP will be formed effectively from the date of filing the declaration which will expire after five years unless it is replaced by an updated declaration, or a declaration of dissolution is filed before that date. A privately limited partnership agreement should also be prepared to govern the relationship between the partners. Although there are no formal minimum capital requirements, the sum of CAD$1,000 is usually contributed initially.
Company Formations offers Ontario Limited Partnership Registration to Canadian residents and non-Canadian residents. Our Canada Limited Partnership registration service for Only $2200 (all inclusive) Includes:
- Name Search confirming the 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