The Partnership Agreement

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).