General Partnership Registration
Register or Renew an Ontario General Partnership online. 1 Hour Rush Service available. Get all Business documents by email.
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Register a General Partnership Online
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Business Name
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Fifth Partner Details
Note: more than 5 partners (maximum 10 partners), need a customized order. You may place this order with 5 partners now and then give us a call or send an email.
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What is an Ontario General Partnership?
An Ontario General Partnership is a business structure where two or more individuals or entities manage and operate a business together, sharing profits, losses, and responsibilities. All partners in a General Partnership have unlimited liability, meaning they are personally responsible for the business’s debts and obligations.
Ontario General Partnership is now called a Firm Name for A General Partnership and the classification group of Master Business License is now called Business Name Registration.
Characteristics of Ontario General Partnership
Shared Profits and Losses: Profits and losses are divided among partners based on their agreed-upon percentage ownership.
No Legal Entity: A general partnership is not a separate legal entity from its partners.
Unlimited Liability: Each partner is personally responsible for the business’s debts and obligations, meaning their assets can be used to cover liabilities.
Ease of Formation: Ontario General Partnership is relatively simple and inexpensive to form, often requiring only a partnership agreement and registration in some jurisdictions.
No Perpetual Existence: A General Partnership Business may dissolve for one of the following reasons:
- If one partner withdraws
- Any partner dies, or
- if all partners agree to dissolve the business.
Agency Authority: Each partner has the authority to act on behalf of the General Partnership. And can bind all partners to contracts or agreements made within the scope of the business.
Easy to cancel a General Partnership: A General Partnership registration can be canceled at any time. Its cancellation is also easy and there is no legal obligation to cancel a partnership business.
Ontario General Partnership Agreement
A General Partnership Agreement is a contract between partners in a Partnership business. It outlines the terms and conditions of the partnership. It serves and shows as a roadmap for how the business will operate. Also includes detailing the responsibilities, rights, & duties of each partner, as well as how profits, losses, and decision-making will be handled.
What information is needed to register an Ontario General Partnership?
To register your Ontario General Partnership, you will need:
- The name of your business.
- The names and addresses of all partners.
- The business address where your partnership will operate.
- Details of the business activity.
- Applicable registration fees.
How long is Ontario General Partnership registration Valid?
An Ontario General Partnership registration is valid for 5 years in Ontario. After this validity, you must renew your partnership registration. Otherwise, it will no longer be valid in Ontario.
Can I add or remove partners after registering for the Ontario General Partnership?
Yes, you can add or remove partners after the partnership has been registered. However, you may need to file an update with Service Ontario to reflect the changes. Click here to add or remove a partner.
How is liability shared in an Ontario General Partnership?
All partners share unlimited personal liability for the business’s debts and obligations. Each partner can be held responsible for the actions of the other partners in relation to the business.
Can a General Partnership be converted to a corporation in Ontario?
Yes, a General Partnership can be incorporated into a corporation in Ontario. This process is complex and need dissolve the partnership. The need to register a new corporation.