A partnership exists when two or more persons (individuals, corporations or a combination of both), carry on business in common with a view to profit. Each of the partners has an ownership of the business assets, is responsible for the liabilities of the partnership, and has authority to run the business. The rights and obligations of the partners are documented in a Partnership Agreement.
A partnership in Canada can be in the form of a general partnership or a limited partnership. A general partnership is an arrangement between two or more individuals who share the profits and liabilities of the business. A limited partnership consists of general partners with unlimited liability and other partners with limited liability based on their contribution to the partnership. Often, a limited partner constributes funds but is not otherwise involved in running the business
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