A Limited Partnership is a species of partnership in respect of which a declaration has been filed in accordance with the Limited Partnerships Act, LP Act). It must be formed between two or more persons and carry on a business in common with a view to profit.
An LP broadly resembles a general partnership under the Partnership Act, except that an LP has two categories of partners:
General partners.
Each LP must have one or more partners who have responsibility for managing the LP’s business and have unlimited liability for the firms’ debts and obligations.
Limited partners.
An LP must also have one or more limited partners who:
- will invest capital in the LP;
- are not to take an active role in the LP’s operation; and
- enjoy limited liability up to the amount of capital that they have contributed or agreed to contribute to the LP (less what they have already contributed).
Limited Partnerships are governed by a relatively light statutory and regulatory regime as compared to corporations.
We Register Canada Limited partnerships in 24 Hours
Company Formations offers Canada 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 uniqueness of the name
- Government registration fee
- Registered office address for one year
- Declaration Form 3 confirming the 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
