Module 2 - Sole Proprietorships and Partnerships

Question 1

What is a “trade name” or “business name”

Answer 1

The name which a sole proprietorship, general partnership, and limited partnership operate under

Question 2

What must be included in the name of a limited liability partnership?

Answer 2

Must include LLP

Question 3

What business structure uses a “corporate name”?

Answer 3

Corporation

Question 4

What must a corporate name include?

Answer 4

Ltd., Inc., or Corp.

Question 5

Where are trademarks registered?

Answer 5

Ottawa

Question 6

Where are trade names registered?

Answer 6

Corporate Registry

Question 7

Does registering a trade name give a proprietary right?

Answer 7

No, it doesn’t give a proprietary right

Question 8

What form must be filed in order to stop using a trade name?

Answer 8

Declaration of Ceasing to Carry on Business Under a Trade Name

Question 9

Where to file company registration

Answer 9

CORES

Question 10

How to do a search for similar company names

Answer 10

Do a NUANS search

Question 11

What will CORES request from a NUANS search?

Answer 11

Number and date of search

Question 12

How long does a NUANS search reserve a name?

Answer 12

90 days

Question 13

What form is advised to file for general partnership registration?

Answer 13

Declaration of Partnership

Question 14

When should a Declaration of Partnership be filed?

Answer 14

Within 6 months of starting business

Question 15

When is a Declaration of Partnership required?

Answer 15

When business involves:
Trading
Manufacturing
Contracting
Mining

Question 16

When is an amendment to a Declaration of Partnership required?

Answer 16

In the case of:
Retirement of a partner
Death of partner
Admission of a new partner
Name of partnership has changed

Question 17

When must a form be filed in the case of a change in partner residence?

Answer 17

Within 15 days of change

Question 18

Where are requirements found for filing in the case of partnerships?

Answer 18

Partnership Act

Question 19

What form must be filed if a partnership is dissolved?

Answer 19

Declaration of Dissolution of Partnership

Question 20

What is the person who signs a Declaration of Dissolution of Partnership called?

Answer 20

Declarant

Question 21

How must a limited partnership certificate be filed?

Answer 21

By using either a law firm precedent OR form from Corporate Registry website

Question 22

When must a Certificate be amended for LPs?

Answer 22

When there is a:
Name change
Change in contact info of general partners
New general partner is added

Question 23

What must be filed to dissolve an LP?

Answer 23

Notice to Cancel Certificate

Question 24

When must a Notice to Cancel Certificate be filed for LPs?

Answer 24

All limited partners cease to be limited partners
Limited partnership dissolves entirely

Question 25

Who must sign a Declaration of Dissolution of Partnership for general partnership?

Answer 25

Any partner can sign

Question 26

Who must sign a Notice to Cancel Certificate for LP?

Answer 26

All partners must sign

Question 27

Steps for filing procedure

Answer 27

1. Complete client instruction
2. Prepare hard copy form
3. Client signs form
4. Enter info on CORES
5. Print Confirmation Report for accuracy
6. Print Proof of filing
7. Put Proof of filing into client file/send copy to client
8. Invoice client