General LP Features
Each Limited Partnership is required to have a legal name. The name must include a legal element, such as “Limited Partnership” or “LP”.
LP Name cannot include a last name or a distinctive corporate name unless it is the last name or corporate name of one of the general partners.
The name of a Limited Partnership may be in English form, French form or both.
The name cannot include restricted words, such as “bank”, “trust”, “insurance”, “stock exchange”, “university”, “academy” , etc.
Time Required for Registration
TBA registers a LP in Canada, Ontario, in 1 to 3 business days.
A minimum of one general partner is required, who may be a residents of any country.
Corporate general partners are permitted. If a corporation is incorporated outside of Canada, it must be registered in Ontario as Extra-Provincial Corporation before it becomes a general partner.
Each limited partnership must have a minimum of one limited partner, who may be an individual or legal entity.
No Canadian residency is required.
When a non-Canadian corporation is a limited partner, extra-provincial registration of the corporation in Ontario is not required.
A person may be a general partner and a limited partner at the same time in the same limited partnership. Therefore, just one person is needed for registration of limited partnership.
There are no minimum or maximum amount of contribution is required; however it is usual to declare Standard authorised capital – CAD 1.000.
Partners may contribute money and other property to the limited partnership, but not services.
Interest of a partner in the limited partnerships is considered as a personal property.
General partners have unlimited personal liabilities for debts and obligations of the limited partnership.
Liability of the limited partners is restricted by the size of their contributions into the limited partnerships.
Limited partnership is managed by its general partners unless the Partnership Agreement allows general partners to appoint a manager.
Annual General Meeting
Limited partnership is not required to hold its annual general meetings.
Address of Principal Place of Business
The form confirming registration form of a limited partnership must include its address of principal place of business in Ontario. Limited partnerships are required to keep at its Ontario address records of its partners, copies of all resolutions and Partnership Agreement.
Our company provides Ontario address to its clients and maintains all records for clients limited partnerships. The address also accepts letters from the Ontario government.
When a client would like to receive letters sent by his banks, customers and suppliers at the Ontario address, he has to order our virtual office services.
Beneficial Ownership Information
Information with regard to ultimate beneficial ownership must be disclosed to the Registered Agent of the company and is held by the agent on a confidential basis.
- 1 General Features
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Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly registered and licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency business activities.