Product Info

A limited partnership is a form of partnership registsred with B.C Registries and formed by a general partner and a limited partner. General partner(s) manages the business operations while the limited partber(s) are don't have active role in running the business. Other names:
  • LP

Checklist

Who can register:
  • Anyone can register a Limited Partnership which involves 2 or more partners. There must be a minimum of 1 general partner and 1 limited partner.
  • Currently there is no citizenship or residency requirement for people who can register it.
What is required to register a BC Limited Partnership:
  • A name approval number from BC Registries for the Limited Partnership.
  • A partnership agreement signed by partners. (Don’t have one? You can include in the package)
  • A physical address or street address in the Province of British Columbia where the business is to be carried on.
  • Name and address of the Partners: This can be individuals or corporations, BC province address or another Canadian street address.

What you get

After registering the Limited Partnership, you will receive the following as pdf documents by email:

Articles Sample Docs
Statement of registration
Sample Document
Business Number
Sample Document
Business seal (if included)
Sample Document
CRA Accounts: GST, Payroll, Import-export (if included)
Sample Document
PST Program Account
Sample Document
The Workers' Compensation Board of BC (WorkSafeBC) registration (if included)
Sample Document

Timeline

Submission and processing is a manual method. Application Registration of a Limited Partnership involves 2 steps: Step 1. Name approval The name proposed for the LP must be approved prior to the registration. Step 2. Submission and processing of registration. LP registration is a manual process. The usual turn around time of this process with B.C Registries is about 7-15 days based on their current turn around time.

FAQs

Is Limited Partnership registration right for you?
  • It depends on the purpose of the registration and needs of the individuals involved.
  • It is the best option for a business with individuals where one partner, usually, resides out of the country and is an investor and the other partner runs the business.
What are the advantages of registering a BC Limited Partnership?
  • Simple and easy to share profits between partners particularly if one of the partner is a foreigner..
  • Easy to setup and start, least expensive to operate.
  • Easy tax filing process.
Can I enter into job contracts, sub-contracts and open a business bank account with this registration?Yes.