Partnership

Partnership Registration
$59*

partnership order >>

When you have two or more individuals, corporations, trusts, or partnerships wanting to start a business together you could registering a partnership.

Partners are not required to sign any agreement to create a partnership. A simple verbal agreement is sufficient to form it. But in order to protect partners in the event of a disagreement or dissolution of a partnership, a partnership agreement should be prepared.

We are able to register a Partnership in the following provinces:

Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan

Partnership Information

ProvinceTime Frame for Registration

Validity of the
Registration and Renewal

Alberta1 to 2 business daysNo annual renewal fee,
registration is valid until
you file dissolution
British Columbia

Regular Processing 10 to 15 business days

Expedited services in 1 to 2 business days
for an additional fee

No annual renewal fee,
registration is valid until
you file dissolution
Manitoba

Regular Processing 5 to 10 business days 

Expedited services in 1 to 2 business days
for an additional fee

Valid for 3 years and then
requires a renewal
New Brunswick7 to 10 business daysValid for 1 year and then
requires a renewal
Nova Scotia7 to 12 business daysValid for 1 year and then
requires a renewal
Ontario2 business hoursValid for 5 years and then
requires a renewal
Prince Edward Island5 to 7 business daysValid for 3 years and then
requires a renewal
Saskatchewan2 to 3 business daysValid for 3 years and then
requires a renewal

In a general partnership each partner takes responsibility and becomes personally liable for all the debts and obligations of the business. Thus, each individual partner has unlimited personal liability including liability for the actions of the other partners.

If you are interested to get a limited liability company protecting you from the personal liability for your business, you should incorporate your business.

Benefits and Disadvantages of a Partnership

BenefitsDisadvantages
Easy and inexpensive to set upUnlimited personal liability for the business
Flexible with little government regulationPersonal liability for the actions of the other partners (this includes actions that may be taken without partners’ knowledge)
New partners can be added easilyLack of continuity in business organization
Risks are shared equally among partnersDifficulty in raising additional capital
Minimal working capital requiredPartners are taxed at individual tax rate, which is much higher than corporate tax rate
Partners are taxed on business earnings in proportion to their share
Business is taxed through partners’ personal income tax, and losses can be used to reduce taxes on other sources of personal income
Wages payable to spouses are deductible from the income of the business

Important Notice:

If you need to discuss your personal situation with a lawyer, chartered accountant or tax advisor, our company is able to refer you to a professional who is able to assist you.