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When should I register a Limited Partnership (LP)?

Content
Investment capital
Capital contribution is subject to partnership agreement

Number of owners        
At least 2 partners
At least one general partner and one limited partner

Accounts            
Must prepare annual accounts
Keep business and transaction documents for 5 years

Report
Not applicable

Tax        
Business profits taxed at partners’ personal income tax rates (if individual)/corporate tax rate (if corporation)

Annual general meeting             
Not applicable

Secretary            
Not applicable

Advantages       
Ease of set up
Low regulatory maintenance cost
Limited partner has limited liability
Limited partner not personally liable for liabilities of LP beyond amount of his agreed contribution

Disadvantages 
General partner have unlimited liability
General partner can be sued personally for liabilities of the business, including those debts and losses incurred by other partners

Closure methods
Only general partner may file cessation
Registrar can cancel registration if not renewed
Registrar can cancel registration if LP is defunct
Download the Comparison Table below

 

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Published: March 31, 2016 Updated: April 15, 2016

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