2017, c. 20, Sched. Registering a General Partnership allows multiple owners to start a business together. 6, s. 126 (1). 1990, c. P.5, s. 29 (1). 6 Every partner is an agent of the firm and of the other partners for the purpose of the business of the partnership, and the acts of every partner who does any act for carrying on in the usual way business of the kind carried on by the firm of which he or she is a member, bind the firm and the other partners unless the partner so acting has in fact no authority to act for the firm in the particular matter and the person with whom the partner is dealing either knows that the partner has no authority, or does not know or believe him or her to be a partner. R.S.O. 11, s. 3. Short title and commencement This Act may be cited as the Partnerships Act, 2012 and shall come into Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 6 (2) of the Act is repealed and the following substituted: (See: 2017, c. 20, Sched. R.S.O. 6, s. 109). R.S.O. You may register your US or other foreign LLC in Ontario … 44 In settling accounts between the partners after a dissolution of partnership, the following rules shall, subject to any agreement, be observed: 1. A limited partnership is required to keep at its Ontario address records of its partners, copies of all resolutions and Partnership Agreement. 11, s. 1. (See: 2017, c. 20, Sched. 2006, c. 34, s. 19. (6) A decision of the Registrar under subsection (2) may be appealed to the Divisional Court, and the Court may order the Registrar to change his or her decision and may make such further order as it thinks fit. (9) Unless otherwise provided in this Act, the regulations or the Registrar’s requirements, the declaration filed under subsection (8) shall be signed by at least one of the general partners. (4) A corrected declaration issued under subsection (2) may bear the date of the declaration it replaces. (2) Part III (Regulations) of the Legislation Act, 2006 does not apply to a requirement established by the Registrar under subsection (1). R.S.O. R.S.O. (b) the fifth day after the day it is mailed. 6, s. 111 (1)). 1990, c. L.16, s. 24. 1990, c. L.16, s. 15 (1). 6, s. 116. 10 A limited partner has the same right as a general partner. 9 Subject to this Act, a limited partner is not liable for the obligations of the limited partnership except in respect of the value of money and other property the limited partner contributes or agrees to contribute to the limited partnership, as stated in the record of limited partners. Limited Partnerships Act, RSO 1990, c L.16, <, This statute is current to 2019-12-08 according to the, 5. between May 12, 2020 and Nov 13, 2020 (past), 4. between Mar 30, 2011 and May 11, 2020 (past), 3. between Dec 15, 2009 and Mar 29, 2011 (past), 2. between Jun 1, 2005 and Dec 14, 2009 (past), 1. between Jun 29, 2001 and May 31, 2005 (past), Alternative Filing Methods for Business Act, 2020. O. Reg. (4) A partner in a limited liability partnership is not a proper party to a proceeding by or against the limited liability partnership for the purpose of recovering damages or enforcing obligations arising out of the negligent acts or omissions described in subsection (2). R.S.O. (2) A substituted limited partner is a person admitted to all the rights and powers of a limited partner who has died or who has assigned the limited partner’s interest in the limited partnership. Registrar may issue declaration of change. R.S.O. Liability of person mistakenly believing the person is a limited partner. (a) to inspect and make copies of or take extracts from the limited partnership books at all times; (b) to be given, on demand, true and full information concerning all matters affecting the limited partnership, and to be given a complete and formal account of the partnership affairs; and. R.S.O. R.S.O. 6, s. 113 (3)). 1990, c. L.16, s. 12 (2). (7) A limited partnership that receives notice under subsection (6) may appeal to the Divisional Court within 21 days after receipt of the notice. An Act of Parliament to declare the law of partnership [Cap. R.S.O. 2020, c. 7, Sched. R.S.O. 5, s. 6 (2). 6, s. 112. 6, s. 125). 2020, c. 7, Sched. in proportion to the respective amounts of money and other property actually contributed by the limited partners to the limited partnership. 4 In the event of a person to whom money has been advanced by way of loan upon such a contract as is mentioned in section 3, or of a buyer of the goodwill in consideration of a share of the profits of the business, becoming insolvent or entering into an arrangement to pay his or her creditors less than 100 cents on the dollar or dying in insolvent circumstances, the lender of the loan is not entitled to recover anything in respect of the loan, and the seller of the goodwill is not entitled to recover anything in respect of the share of profits contracted for, until the claims of the other creditors of the borrower or buyer, for valuable consideration in money or money’s worth, are satisfied. 1990, c. L.16, s. 16 (3). 6, s. 114).

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