Ontario Barrister and Solicitor Practice Exam

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Which act governs LLPs?

  1. Corporations Act

  2. Civil Code

  3. Partnerships Act

  4. Commercial Code

The correct answer is: Partnerships Act

The correct answer is "Partnerships Act". This is because LLPs, or Limited Liability Partnerships, are a special type of partnership that combines the pass-through tax structure of a partnership with the limited liability protection of a corporation. Therefore, they are specifically regulated under the Partnerships Act, rather than the Corporations Act, Civil Code, or Commercial Code. The Corporations Act governs corporations, the Civil Code governs civil laws, and the Commercial Code governs commercial transactions, which are not relevant to LLPs.

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