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Forming a partnership is somewhat similar to a sole proprietorship. A partnership, though, as the name suggests, is a business relationship between two or more people, corporations, or trusts.

Each partner usually contributes money, labor, assets, or skills to the partnership and shares in the profits or losses. The exact details of the relationship are laid out in a written agreement.

When it comes to taxes, a partnership doesn’t pay income tax on its operating results or file an annual tax return. Rather, each partner includes a share of the partnership profit or loss on a corporate or trust income tax return.

Individual partners must also file either financial statements and a series of T1 and T2 forms (whichever applies to their business) or a T5103 form which is a statement of partnership income. There are also GST/HST registrations to consider if a partnership provides taxable supplies in Canada. Confused? There’s no need to worry. We are happy to help you with all your partnership formation needs.

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