Partnership Registration
In business registration terminology, a major vast of people imply General Partnership when they use the term “partnership”. However, in business world, another form of partnership exists, which is called Limited Partnership. In short, a general partnership applicable when both partners have administrative, management and operation control on the business. On the other hand, a when the partnership business is operated, administered and managed by only the single partner and the other partner has no administrative, management or operational control (except contributing capital only), a limited partnership comes into place.
Speed: Electronic process, can be ready in 2 hours (varies with province) Procedure: Do not require physically signed papers
Characteristics:
1. Most common form of partnership
2. All partners have control in management
3. Liabilities are distributed among all partners
4. Partnership agreement required: before or after registration
Speed: Manual process, takes around 10 days in express queue Procedure: Requires physically signed papers (by post)
Characteristics:
1. Normally when one partner is out of Canada
2. Only the “general partner” has control in management
3. Liabilities goes mainly to single general partner
4. Partnership agreement required.
Speed: Manual process, takes around 10 days in express queue Procedure: Requires physically signed papers (by post)
Characteristics:
1. Only for regulated professions (lawyers, CPA, CGA, Engineers, Health & Medical, Architects etc.)
2. Each partner’s liabilities is limited to the amount they put into the business.