Want to set up a LP partnership in Ontario? We can assist you in starting a business or in buying a shelf company in Ontario with a full package of necessary documents, legal advice and follow-up support. Incorporation of a firm in Ontario includes provision of a registered office (for at least 1 year in any of our service plans), an apostilled set of constitutional documents, secretarial services and assistance with compliance fee and pre-approval for opening an account in banks of Ontario. The total price of LP company registration in Ontario includes all necessary fees and charges for the first year of operation, as well as full one-year nominee service (package Optimum).
The legal system of Canada is English common law for all matters within federal jurisdiction and in all provinces and territories except Quebec, which is based on the civil law, based on the Custom of Paris in pre-revolutionary France as set out in the Civil Code of Quebec.
In Ontario, the legal system is based on English common law.
The principal forms of business organization in Ontario are:
For offshore purposes, the most common structures in Ontario are the extra-provincial corporation and limited partnership.
Limited Partnership is a special type of partnership that consists of at least one general partner and one or more limited partners. Note that a partner can be both a general and a limited partner. As such, a minimum of one person is needed for the registration of a Limited Partnership.
Limited partnership is not incorporated. A limited partnership is not a separate entity and is not a person legally distinct from its partners under Canadian law. Generally speaking, subject to the Limited Partnerships Act, general partners have unlimited liability, while limited partners have limited liability up to the amount that they contribute or agree to contribute to the limited partnership. Filing a Declaration, Form 3, with the Registrar under the Limited Partnerships Act forms a limited partnership.
An Ontario limited partnership is often used by:
Limited Liability Partnerships must register the firm name and can carry on business in Ontario only under the registered firm name.
LLP name must be distinct from the names of all other limited partnerships in Ontario.
The words “limited liability partnership” or “société à responsabilité limitée” or the abbreviations “LLP”, “L.L.P.” or “s.r.l.” must appear in the name of a limited liability partnership.
The surname or a distinctive part of the corporate name of a limited partner shall not appear in the firm name of the limited partnership unless it is also the surname or a distinctive part of the corporate name of one of the general partners.
To incorporate a limited partnership in Ontario, the following steps are required:
LLP registry fee is CAD 210.00.
It takes one day to register a limited partnership in Ontario.
Each LLP in Ontario must have a principal place of business in Ontario.
The general partners of every limited partnership shall maintain a current record of the limited partners stating, for each limited partner, the prescribed information. The record of limited partners shall be kept at the limited partnership’s principal place of business in Ontario. Upon request and without charge, any general partner must permit any person to inspect the record of limited partners during the normal business hours of the limited partnership and to make copies or take extracts from them. The Registrar may at any time by written notice require any general partner to provide to the Registrar or any other person a copy of the record of limited partners.
A limited partnership is not required to have a seal.
A limited partnership in Ontario should at least have one general partner. A general partner can be a resident of any country. Corporate general partners are permitted. If the corporate partner is incorporated outside Canada, an Ontario extra-provincial license is required to be obtained before the Ontario limited partnership can be registered. Information about general partners is publicly accessible.
A limited partnership in Ontario should at least have one limited partner. A limited partner can be a resident of any country. Corporate limited partners are permitted. Information on limited partners is not reported or filed on the public records.
A partner may be both a general partner and a limited partner; however, if an individual is both a general partner and a limited partner, the partner could lose his/ her limited liability status. Notwithstanding this, however, if the partner is a holding corporation (i.e. with no assets) then the limited liability status is afforded in any case.
The general partner(s) manages the business of the Limited Partnership, unless the Limited Partnership Agreement allows the general partner(s) to appoint a Manager.
No minimum or maximum contribution required. Type of contribution is cash and other property, but not services.
A general partner’s retirement, death or incapacity to manage property within the meaning of the Substitute Decisions Act, 1992 or a corporate general partner’s dissolution dissolves a limited partnership unless the business is continued by the remaining general partners,
A declaration of dissolution shall be filed with the Registrar when the limited partnership is dissolved; or all of the limited partners cease to be limited partners. The declaration of dissolution shall be signed by at least one of the general partners. When the declaration of dissolution is filed, the declaration of LLP is cancelled.
In settling accounts after the dissolution of a limited partnership, the liabilities of the limited partnership to creditors, except to limited partners on account of their contributions and to general partners, shall be paid first, and then, unless the partnership agreement or a subsequent agreement provides otherwise, shall be paid in the following order:
Price3 500 USD
including incorporation tax, state registry fee, including Compliance fee
Stamp Duty and Registry incorporation fee
Price2 000 USD
including registered address and registered agent, NOT including Compliance fee
DHL or TNT, at cost of a Courier Service
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Compliance fee is payable in the cases of: renewal of a company, liquidation of a company, transfer out of a company, issue of a power of attorney to a new attorney, change of director / shareholder / BO (except the change to a nominee director / shareholder)
simple company structure with only 1 physical person
additional compliance fee for legal entity in structure under GSL administration (per 1 entity)
additional compliance fee for legal entity in structure NOT under GSL administration (per 1 entity)