Partnership Lawyer Service
Our business lawyer can assist you with creating a partnership agreement. In Ontario, a partnership is defined as the relation that subsists between persons carrying on a business in common with a view to profit. Partners can be any entity, including people and corporations. There are three types of partnership vehicles in Ontario:
- General Partnership.
- Limited Partnership.
- Limited Liability Partnership.
A general partnership is similar to a sole proprietorship because there is no separation between the general partner and the partnership. In a nutshell, creditors can attempt to recover from each general partner's personal assets for the partnership's debts, liabilities, or acts.
A limited partnership is similar to a general partnership, except there must be at least one limited partner, in addition to a general partner. A limited partner is a passive investor, that does not, and should not, play a role in the operation of the partnership. The general partner is involved in the day-to-day operations of the partnership. A limited partner's liability is limited to the amount they invested in the business.
A limited liability partnership is a business vehicle usually used by professionals. Each partner is liable for its own negligent acts or omissions, but all the partners are collectively liable for claims against the partnership.
Our business lawyer and corporate lawyer offers a no-obligation consultation and service clients across the Greater Toronto Area, including Mississauga, Oakville, Milton, Brampton, Burlington, Kitchener, Waterloo, Guelph, Hamilton, Vaughan, Newmarket and North York.