26 May 2016 IFA Roundtable Q. 1, 2016-0642051C6 - Classification of U.S. LLPs & LLLPs -- summary under Corporation

CRA indicated that it has finalized its view that Florida and Delaware limited liability partnerships and limited liability limited partnerships are corporations for ITA purposes in light inter alia of their separate legal personality and limited liability for all members (and noted that "we see little substantive difference between LLPs, LLLPs and LLCs governed by the laws of the states of Florida and Delaware." However, CRA is prepared as an administrative matter to continue accepting that an existing LLP or LLLP (that had been formed from scratch, rather than being converted from an LLC) is a partnership if it is clear that the members are carrying on business in common with a view to profit, they intended for the entity to be a partnership, all members and the entity itself have been treating the entity for ITA purposes as a partnership, and the LLP or LLLP converts to an entity recognized by CRA as a partnership before 2018.