Examples of Limited Partnerships in a sentence
Party B is a limited partnership formed under the Limited Partnerships Act (Ontario), a limited partner of which is, except as expressly required by law, only liable for any of its liabilities or any of its losses to the extent of the amount that the limited partner has contributed or agreed to contribute to its capital.
For each full or partial taxable year of the Limited Partnership, each item of the Limited Partnership's income, loss, deduction, credit, and tax preference with respect to or resulting from Limited Partnership operations or from any Capital Transaction shall be allocated among the Partners for income tax purposes pro rata in accordance with their respective Partner's Percentage Interests.
Any return shall be made solely from the Limited Partnership's assets.
Any indemnity under this Section or otherwise shall be paid out of and only to the extent of the Limited Partnership's assets.
The General Partner(s) or the Liquidating Partners, as the case may be, shall take or cause to be taken a full account of the Limited Partnership's assets and liabilities as of the date of the dissolution and shall proceed with reasonable promptness to liquidate the Limited Partnership's assets and to terminate its business on a dissolution of the Limited Partnership.