An LLP is not considered as a taxable entity.
All profit received by LLP passes through the company to its partners.
Partners claim their part of the profit in their personal income taxes in the country where they reside.
An LLP in British Columbia is a type of partnership entity in which each partner is responsible only for its own liabilities. It makes partners more fully accountable to their clients or customers and ensures that all partners can engage in their business without the concern of having their personal assets at risk, unless there is negligence or wrongdoing.
Information about partners is not filed with the Registry and not available to the public.
Please note that an LLP in BC requires a minimum of 2 partners.
Approximately 2 to 4 weeks. Plus shipping time.
RESTRICTED BUSINESS ACTIVITIES
Money laundering, terrorist activities, receiving the proceeds of drug trafficking, trading in arms, munitions or other weapons, gambling/gaming business activities, soliciting funds from the general public, offering investment advice to the general public, the management of investments other than the property of the company, the operation and administration of collective investment schemes, trading with countries subject to embargo authorized by the Security Council of the United Nations, or for any other purpose which is illegal under the law of the place of incorporation/formation or management or jurisdiction in which the company is to trade.
UN Sanction List is followed
Nominees do not provide any personal due diligence documents or sign anything on behalf of the company. They provide the beneficial owner with a Power of Attorney that gives them all right to manage the company and sign contracts on behalf of the company
The company would need to keep internal records of the invoices and bills. Submitting the invoices and bills is not required.
OPERATING WITHIN CANADA
LLP can operate within Canada. However, if the sales in Canada exceed $30,000 you will need to register your company for GST/HST(which is a sales tax in Canada) and file a GST/HST Return each year.
- A certified copy of the valid passport (photo and signature pages). Certification may be done by a bank, lawyer or notary public and include name and contact information of the person, who certified the document and the date of certification.
- Original or a copy of one of the following documents: recent utility bill, bank statement, credit card statement, US driver licence (both sides) or Canadian driver licence (both sides).
- BANK REFERENCE LETTER – A reference letter from your bank, who knows you for a minimum of 2 years.
- Completed and signed Business Description form – provided by our company
- Completed and signed Declaration form – provided by our company