Question 1

Does Canada have LLCs?

Accepted Answer

No, Canada does not have LLCs. The closest equivalents are general partnerships, limited partnerships (LPs), limited liability partnerships (LLPs, for professionals), and corporations.

Question 2

How are partnerships taxed in Canada?

Accepted Answer

Partnerships are tax flow-through entities — profits and losses flow through to partners' personal tax returns. The partnership must file a T5013 information return with CRA.

Question 3

Do partnerships need to register a business name?

Accepted Answer

Yes, partnerships operating under a name other than the partners' legal names must register under provincial business name registration acts (e.g., Ontario BNA).

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