Partnership

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Under the Civil Code of Québec, a partnership is an institution by virtue of which two or more persons accept to carry on an activity together (including the operation of a business) with a view to making a profit that is shared among them.

If the partnership is governed by the legislation of another Canadian province, it is defined as an institution characterized by the relationship that exists between persons jointly carrying on a business with a view to making a profit.

Note

A partnership exists only if each partner contributes corporeal or incorporeal property, credit, skills, etc., and shares in the profits, and if the intention to form a partnership exists. A partnership may exist whether or not the partners are bound by a written contract. Partners hold an interest in the partnership, but do not own the partnership's property. The existence of a partnership is determined essentially on the basis of the nature and extent of the relationship among the persons.

Partnerships can be general partnerships, limited partnerships or undeclared partnerships.

A general or limited partnership constituted in Québec must register with the Registraire des entreprises by filing a declaration of registration as prescribed by the Act respecting the legal publicity of enterprises. If a partnership does not register, it is deemed to be an undeclared partnership.

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