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    What is a limited partnership?
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    In a normal partnership, all partners are liable for the debts and other obligations of the partnership. In a limited partnership, there are one or more “general partners” whose liability is unlimited and one or more “limited partners” whose liability is limited to the amount they have contributed or agreed to contribute to the partnership business. Limited partners typically share the profit of the limited partnership in proportion to their contributions, unless there is an agreement that states otherwise. The terms of a limited partnership are often set out in an agreement between the parties.
    In Ontario, a limited partnership is formed by filing a declaration with the Ministry of Government Services signed by all the general partners. A declaration expires every five years but may be renewed by filing a new declaration before the filing date.

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