Forms of Partnership
THE PARTNERSHIP AGREEMENT
The partnership agreement is a formal legal document that serves to establish and define the terms of the business relationship between the partners, which can include a range of potential aspects, which may include:
- What is business of the partnership.
- How is the business of the partnership to be undertaken.
- What are the contributions of each the partners, both in terms of capitalization and work undertaken in furtherance of the partnership.
- What is the division of duties and responsibilities amongst the partners.
- How are the partnership profits distributed amongst the partners.
- How the partnership is to be financed.
- How are decisions of the partnership to be made.
- What the voting structure is amongst the partners.
- How are new partners brought into the partnership.
- What are the exit strategies available to the partners.
- What happens to a partner's partnership interest upon their death, disability or default.
- What is the scope of the restrictive covenants imposed upon the partners, from confidentiality to non-competition and non-solicitation.
- What is the duration of the partnership.
For legal counsel as to your business partnership or joint venture, contact lawyer Christopher Neufeld with Neufeld Legal Professional Corporation at Chris@NeufeldLegal.com or 403-400-4092 (Calgary, Alberta) 416-887-9702 (Toronto, Ontario).
Neufeld Legal Professional Corporation is a Canadian law firm operating out of Calgary, Alberta and Toronto, Ontario, and is focused on corporate transactional matters that impact local, national and international businesses in their quests for corporate success.