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What are the major advantages and disadvantages of forming a limited partnership in Canada

Canada Limited partnership. A limited partnership is a form of a general partnership, which is one of three ways of organizing a business in Canada: The other two are sole proprietorship and incorporation. Each of these has its own operational, accounting, tax and legal requirements. There are four characteristics that distinguish a limited partnership from […]

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What is Recognized as a Partnership for Purposes of the Income Tax Act?

Although the term “domestic partnership” is sometimes used in a tax planning context to describe a partnership constituted under the laws of a Canadian province and the term “foreign partnership” is used to refer to a partnership governed by foreign law, these terms have little relevance for Canadian income tax purposes. The Act does not […]

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The Taxation of Partnerships in Canada

Under Canadian principles, a partnership is a relation that subsists between persons carrying on a business in common with a view to profit. As discussed below, the requirements for a business which is carried on in common with a view to profit are considered the three key requirements for a partnership to exist under Canadian […]

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