What you need to know about a partnership
What is a partnership
A partnership is a business structure where two or more individuals share ownership, combining resources and expertise to run a business together. Each partner contributes to the business and shares in profits and losses according to their partnership agreement.
Do you need a partnership?
Consider a partnership if you're collaborating with others, need additional skills or capital, want to share business responsibilities, or benefit from diverse expertise. It's well-suited for professional services, family businesses, and ventures requiring complementary talents.
How does partnership work?
Forming a partnership in Canada involves creating a partnership agreement, registering your business name, and obtaining necessary licenses. Partners contribute capital, property, labor, or skills and share profits according to their agreement. Each partner reports their share of income on personal tax returns.
Partnership Pros and Cons
Pros include shared startup costs and workload, combined skills and resources, potentially greater borrowing capacity, and simplified tax filing compared to corporations. Cons include joint and several liability (each partner may be liable for all business debts), potential conflicts in decision-making, and complications if a partner exits.
3 steps to set up your business with Bizbuddy
01
Tell us about your business details
Share your company details and we'll handle the rest.
02
Choose the services you need
Select the options and services that fit your business.
03
Si back while we do the work
We'll take care of the process and get your business up and running.
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Set up in just a few steps
A fast, simple, and hassle-free way to incorporate your business.
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Get thigs right
We handle the paperwork, so you can focus on your business.
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Ask the experts
Get guidance from our legal team with a call or expert advice.
Why use Bizbuddy for your business
3 reasons to create a partnership
Shared resources and expertise
Pool capital, skills, and knowledge with your partners to create a stronger business foundation.
Shared responsibility
Dividing responsibilities based on each partner's strengths creates efficient operations while reducing individual stress.
Tax flexibility
Partnerships themselves don't pay taxes but pass income through to partners.
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What our clients say about us
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Bruce Dallin
BUSINESS SETUP - LOGO DESIGN - BOOKKEEPING
BizBuddy made incorporating my business incredibly easy and stress-free! Their expert guidance and seamless process saved me time and hassle. Highly recommend for anyone starting a new company!
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Max Elder
BUSINESS SETUP - BOOKKEEPING
I was able to set up my Solo Proprietorship in days thanks to Bizbuddy express service. They give you everything you need to start quickly and hassle-free. Would reccomend to anyone who wants to concentrate on his business more than paperwork.
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Laura Anderson
BUSINESS SETUP - CONSULTATION PHONE CALL
Bizbuddy helped me set up my Trust Fund effortlessly. Their consultation phone call helped me decide what I really needed and the expert guidance made everything easy and most importantly quick!