ARTICLE · 17 APRIL 2025

Legal Pulse - Spring 2025

Robins Appleby LLP

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Parties contemplating the formation of a limited partnership in Ontario should consider the implications of a recent Ontario Superior Court of Justice (ONSC) decision...

CanadaStrategy

Philip Holdsworth

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LIMITED PARTNERS BEWARE! SURPRISING CASH DISTRIBUTION RULES BY JONATHAN ZEPP AND MATTHEW MCGUIGAN

Parties contemplating the formation of a limited partnership in Ontario should consider the implications of a recent Ontario Superior Court of Justice (ONSC) decision, Anthony v Binscarth Holdings GP Inc. (Anthony). The Court considered limited partners' entitlement to annual cash distributions, and specifically, their ability to cause the general partner to pay such distributions. The Court's analysis provides the following key insights which prospective limited partners and general partners alike should consider when negotiating limited partnership agreements:

1. Limited partners should be cognizant that they are not entitled under the Limited Partnerships Act (the Act) to cash distributions of the partnership's profit, absent a contractual term to that effect; and

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