General Partner (a full partner with unlimited liability for the debts of the partnership) Only the general partners may actively transact business for the partnership and have authority to bind it in contract. The name of the limited partner usually must not be a part of the firm name. Provide public notice of the capital contribution of the limited partners, and to identify the general partners in the business, information concerning the limited partnership must be filed in the appropriate public office specified in the provincial legislation. Limited Liability Partnerships – a partnership where individual partners are liable for the general debts of the partnership and for personal negligence but not liable for the negligence of other partners - suited to professional practices such as law and accounting - some provinces have created limited liability partnership legislation Business Applications - Joint venture (a business relationship between corporations) o Can be between two or more corporations or business entities
- Tax advantages (income of a partnership flows through the partnership without taxation o Taxed at the hands of the partners individually Registration of Partnerships - Requirement of registration o Varies by province o Usually requires disclosure of partners name, partnerships name, date of commencement o In some provinces partnership cannot defend or institute legal proceedings if it is unregistered Purpose: to provide creditors and others with information concerning the business and the persons who operate it.
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- Spring '10
- Corporation, Types of business entity, partnership agreement, liability partnership