Limited Liability Partnership Registration in Ontario

Limited Liability Partnership

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Limited Liability Partnership (LLP) Registration in Ontario

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LLP Partnership Agreement

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HST 15%

TAX 15%

GST+PST 12%

GST 5%

HST 13%

GST + PST 11%

GST + QST 14.975%

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A Limited Liability Partnership (LLP) is a partnership business structure. It is for professionals such as lawyers, accountants, and architects. This organizational structure combines a corporation with a partnership.

What is a Limited Liability Partnership (LLP)?

An LLP is a type of partnership where partners are not personally liable for other partners’ professional misconduct or negligence. In an LLP, partners are not held personally accountable for the carelessness or unethical behavior of their other partners. That means every partner is liable completely for his misconduct, not for other partners’ tasks. For this unique feature LLP is an ideal option for professional service firms that want to protect individual partners from the actions of others.

What are the liabilities of partners in an LLP?

In a limited liability partnership, each partner’s liabilities are restricted. Partners in an LLP are only liable for their actions. No partner is responsible for the negligence or misconduct of other partners. This limited liability feature of LLP makes a LLP an attractive option for professional firms.

Under which act a Limited Liability Partnership is registered?

In 1998 the Partnerships Act was amended to allow for Limited Liability Partnerships (LLP’s). Before 1998 it was not possible to limit a partner’s liability. Similar to a corporation, a limited liability partnership (LLP) protects the personal assets of its partners against claims of omissions, negligence, incompetence, malpractice, and errors or omissions made by other partners or business personnel. Only the partner who acted carelessly may be held liable by the claimant. Nevertheless, the legislation does not lessen or restrict the firm’s culpability. The firm’s insurance coverage and assets are all still in jeopardy.

Benefits of Registering an Limited Liability Partnership in Ontario

Limited Liability Protection: In an LLP, each partner’s liability is limited to their actions and the partnership’s debts. This means if one partner made a mistake or any negligence, other partners of that LLP are not personally liable.
Operational Flexibility: LLPs provide flexibility in management and ownership. Partners can agree on how the business will be managed and how profits and losses will be shared.
Tax Benefits: As it is not a separate legal entity partners can avoid double taxation at the partnership level. All Partners are taxed individually. Profits and losses are passed through to the partners.
Professional Recognition: professional groups commonly form LLP. That is why Registering as an LLP can provide credibility and a professional image to attract clients and partners.

Governing Structure: In a LLP partners have complete freedom on how the business is governed and structured. Partnerships do not have to report their activities to anyone, and partners can come up with any way they like to manage the organization. This easy and free governing structure allows assets and funds to be moved in and out of the business with ease.

Lower Cost: The setup cost to register and maintain an LLP is lower than a corporation.

The costs will be lower as there are no annual tax filings or legal fees incurred regularly. However, a partnership agreement will incur a little higher start-up costs in the beginning.

What is the difference between an LLP and a corporation?

Limited Liability Partnership Provides limited liability protection to its partners. Each partner is only liable for their actions and not for the misconduct or negligence of other partners. Offers limited liability protection to its shareholders. Shareholders are not personally liable for the corporation’s debts or obligations.

Managed by its partners, who can directly control day-to-day operations. Managed by a board of directors elected by shareholders. Directors oversee the major decisions, while officers handle daily operations.

In many jurisdictions, LLPs are specifically designed for professionals. Especially for lawyers, accountants, architects, etc. General people or other businesses may not be eligible to form an LLP. But anyone and any type of business can form a corporation. This easiness makes it a more versatile option for a variety of industries.

LLP is an unincorporated business and does not have a separate legal entity. That’s why it does not have a perpetual existence. If a partner leaves, dies, or withdraws his partnership from LLP, the partnership may dissolve. Or if it is not specified in the partnership agreement. On the other hand, Corporation is a separate legal entity from its owners. That makes it a perpetual existence, meaning it can continue indefinitely.

What information is needed to register an Ontario Limited Liability Partnership?

To register your Ontario Limited Liability Partnership, you will need:

A unique name for your business.
Full names and addresses of all LLP partners.
Registered Business address of Limited Liability Partnership
Main business activity Limited Liability Partnership

Who can form an LLP in Ontario?

LLPs are typically restricted to certain professional groups such as:

Lawyer
Accountants
Architects, or
combination of all professional etc.

Note: The governing body for each profession must authorize the formation of an LLP.

Name Rules of a LLP:

At first, you must choose a unique name. The name must not already used in Ontario. You can do a preliminary search for your business name. If the name is available, then reserve the name with the Ontario Reservation report. You can conduct a name search through the Business Ontario’s Nuans pre-search then reserve your Business name with Ontario Nuans Report.

As per the partnership act, when you register a Limited Liability Partnership business name under the Business Names Act, the firm name of an LLP shall contain the words “limited liability partnership” or “société à responsabilité limitée” or the abbreviations “LLP”, “L.L.P.” or “s.r.l.” as the last words or letters of the firm name. For Example Amal & Solihin Limited Liability partnership

Is there any expiration date for LLP registration?

An LLP registration expires in five years and must be renewed before it expires. You can register a new or renew your LLP with us.

In how many days a change be filed?

If there is any amendment happened in LLP it should be filed within 30 days. Whenever there is a change in address or change of activity, such as adding or removing a partner it must be filed within this timeframe. If using an amendment to change partners, at least one of the original partners must remain in the LLP. File a new LLP registration if all partners are changing or if you are changing the name of the LLP is changing. A cancellation should be submitted within 30 days if you stop using the business name.

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