Partnership Agreements

A Partnership Agreement is generally required whenever a new business venture commences and two or more people (acting as partners) enter into business together with an object of making a profit. A Partnership Agreement is necessary as a foundation of your business partnership, ensuring that your interests, and that of your partners, are clearly understood and protected. All partners within the partnership share the responsibilities, benefits and risks involved in operating the business venture.

Partnership agreements can contain information which outlines what happens where a partner dies, becomes disable, separates from a spouse or has children. A partnership agreement also outlines agreements reached to buy-out or sell-out to the remaining partners in certain situations.

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    What can be found in a Partnership Agreement
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    1. Partnership name and business address;
    2. Names of the partners;
    3. The nature of the partnership business
    4. Effective date of agreement, and commencement of Partnership;
    5. Level of Capital contribution by Partners;
    6. Maintenance of the Partnership account;
    7. Duties and limitations of each partner;
    8. How profit is to be distributed
    9. How major decisions are to be voted on
    10. How Partners will be paid
    11. The role of any inactive partner
    12. The process used to introduce new partners
    13. Restraints of trade for outgoing partners
    14. Rules governing dissolution of the Partnership;
    15. Terms concerning retirement, death, or expulsion of a partner;
    16. The mechanism for when a partner wants to exit or must exit, including determining the value of a partner’s share
    17. Termination of a partnership and winding up.

    A.L.F. Lawyers can assist you in the preparation, review and negotiation of a partnership agreement. We can also assist you with any dispute and termination matters.

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