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An unlimited liability corporation (ULC) within Canadian corporate law is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited liability model.
The Revised Statutes of Ontario (RSO; Quebec French: Lois refondues de l'Ontario, LRO) is the name of several consolidations of public acts in the Canadian province of Ontario, promulgated approximately decennially from 1877 to 1990. [1] [2]
The Limited Liability Partnerships Act 2000 (c.12) is an Act of the Parliament of the United Kingdom which introduced the concept of the limited liability partnership into English and Scots law. It created an LLP as a body with legal personality separate from its members (unlike a normal partnership) which is governed under a hybrid system of ...
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company, or joint venture.
Canadian corporate law concerns the operation of corporations in Canada, which can be established under either federal or provincial authority. Federal incorporation of for-profit corporations is governed by Corporations Canada under the Canada Business Corporations Act .
The manner of the election varies in accordance with state law. For example, in Delaware LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, while in Florida, Hawaii and Kentucky the election is made in the certificate of a limited partnership).
The order relaxed the rules applying to private fund partnerships in order to remove some uncertainty in the application of the law, reduce administrative costs, and help ensure "that the UK remains an attractive and competitive location for private investment funds in comparison to other jurisdictions". [17]
The Law Society Tribunal is an independent adjudicative tribunal within the Law Society of Ontario that processes, hears and decides regulatory cases about Ontario lawyers and paralegals. [30] It began operations on March 12, 2014. [31] Effective November 16, 2020, Malcolm M. Mercer became the chair of the Law Society Tribunal. [32]