Partnership
The profits and losses of a partnership flow directly to the partners.  Each partner is liable personally for the entire debts of the partnership.  Unless there is a partnership agreement in place, the Partnerships Act governs the relations amongst the partners.

Liability of a partnership can be limited through the use of a Limited Partnership (LP) or in the case of certain professionals, by a Limited Liability Partnership (LLP).

Kenneth Wolfson JD
Barristers & Solicitors
2345 Yonge Street, Suite 912
Toronto, ON, Canada  M4P 2E5
Tel: 416.730.1640
Fax: 416.730.0599
kwolfson@corporations.ca