General
Partnership
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Why register a General Partnership?
General Partnerships are formed when two or more individuals or legal entities would like to go into business together. General Partnerships are an inexpensive way to start a business.
What provinces do you register General Partnerships in?
We are able to register General Partnerships in the following provinces:- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Nova Scotia
- Ontario
- Prince Edward Island
- Saskatchewan
General Partnership
Registration Fee for Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, P.E.I. and Saskatchewan
$65 + Gov Fee
$65 + Gov Fee
How long does it take to register a General Partnership?
- Alberta – 1 to 2 business days
- British Columbia – 10 to 15 business days for regular processing, expedited services in 1 to 2 business days are available for an additional fee
- Manitoba - 5 to 10 business days for regular processing, expedited services in 1 to 2 business days are available for an additional fee
- New Brunswick – 7 to 10 business days
- Nova Scotia – 2 business days for the name reservation and an additional 5 to 10 business days for the registration
- Ontario - 2 business hours
- Prince Edward Island – 5 to 7 business days
- Saskatchewan – 5 to 7 business days
Does a General Partnership Expire?
Yes, some provinces limit the validity of a General Partnership. In the following provinces General Partnerships are valid for:- Alberta – no annual renewal fee, registration is valid until you file dissolution
- British Columbia – no annual renewal fee, registration is valid until you file dissolution
- Manitoba – valid for 3 years and then requires a renewal
- New Brunswick - valid for 1 year and then requires a renewal
- Nova Scotia - valid for 1 year and then requires a renewal
- Ontario – valid for 5 years and then requires a renewal
- Prince Edward Island – valid for 3 years and then requires a renewal
- Saskatchewan - valid for 3 years and then requires a renewal
What are the benefits of a General Partnership?
- Inexpensive start up cost
- Business liability is shared equally among partners
- Partners are taxed on a personal level based on their percentage of interest in the company
What are the disadvantages of a General Partnership?
- The name of the General Partnership is not protected. Should you wish to protect your company name you could consider incorporating a company.
- Personally liable for all business debts, obligations and actions of the other partners (including actions done without the other partners knowledge)
- Partners in the General Partnership are taxed at personal tax rates, which are higher than corporate income tax rates