Custom Partnership Agreement

BENEFITS OF A CUSTOM PARTNERSHIP AGREEMENT

Given that a significant portion of my legal practice involves the drafting and negotiating partnership agreements and seeking to resolve disputes amongst business partners, in particular where the controlling agreement was grossly deficient for purposes of dealing with such disputes, it is evident that business partners would be far better served by having a customized partnership agreement drafted that is capable of better serving their commercial aspirations.

Spending the time and money that goes into designing a custom partnership agreement, which strives to better address the ambitions of the business partners, is extremely important to the realization of their business aspirations. For with such a contractual framework in place, the parties to the agreement tend to have greater confidence in committing to the ongoing development of the partnership and have appropriate safeguards and exit strategies, such that interests and investments are that much better protected.

Personally, I cannot over-emphasize how important it is to a business partnership's future that it have a customized partnership agreement, given the commercial and personal tragedy (financially and legally) that I have seen in the absence of an appropriate legal agreement. And the most heart-wrenching fact in these tragic situations is that many of the partners had committed so much to the success of this commercial enterprise, that when there isn't an efficient a legal agreement in place, the repurcussions can be quite devastating.

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).