Module 2 - Sole Proprietorships and Partnerships Flashcards
(27 cards)
What is a “trade name” or “business name”
The name which a sole proprietorship, general partnership, and limited partnership operate under
What must be included in the name of a limited liability partnership?
Must include LLP
What business structure uses a “corporate name”?
Corporation
What must a corporate name include?
Ltd., Inc., or Corp.
Where are trademarks registered?
Ottawa
Where are trade names registered?
Corporate Registry
Does registering a trade name give a proprietary right?
No, it doesn’t give a proprietary right
What form must be filed in order to stop using a trade name?
Declaration of Ceasing to Carry on Business Under a Trade Name
Where to file company registration
CORES
How to do a search for similar company names
Do a NUANS search
What will CORES request from a NUANS search?
Number and date of search
How long does a NUANS search reserve a name?
90 days
What form is advised to file for general partnership registration?
Declaration of Partnership
When should a Declaration of Partnership be filed?
Within 6 months of starting business
When is a Declaration of Partnership required?
When business involves:
Trading
Manufacturing
Contracting
Mining
When is an amendment to a Declaration of Partnership required?
In the case of:
Retirement of a partner
Death of partner
Admission of a new partner
Name of partnership has changed
When must a form be filed in the case of a change in partner residence?
Within 15 days of change
Where are requirements found for filing in the case of partnerships?
Partnership Act
What form must be filed if a partnership is dissolved?
Declaration of Dissolution of Partnership
What is the person who signs a Declaration of Dissolution of Partnership called?
Declarant
How must a limited partnership certificate be filed?
By using either a law firm precedent OR form from Corporate Registry website
When must a Certificate be amended for LPs?
When there is a:
Name change
Change in contact info of general partners
New general partner is added
What must be filed to dissolve an LP?
Notice to Cancel Certificate
When must a Notice to Cancel Certificate be filed for LPs?
All limited partners cease to be limited partners
Limited partnership dissolves entirely
