Partnership Lawyer

Strategic business partnerships and joint ventures.

Legal representation on the death of a partner.

 Main    Lawyer    Partnership Agreement    Partnership Buy-out    Partnership Dispute    Email    403-400-4092    416-887-9702

Main

Legal Counsel

Business Partnerships

The Agreement

No Agreement / Generic

Custom Agreement

Primary Components

Partnership Buy-Out

Selling Your Stake

Partner Forced Out

Buying Out Partners

Buying Into Partnership

Partnership Dispute

Partnership Breakdown

Delusional Partners

Disrespected Partners

Death / Terminally Ill

Misappropriating Opportunity

Valuation Disputes

Dissolution of Partnership

Forms of Partnership

General Partnership

Limited Partnership

Limited Liability Ptp (LLP)

Extra-Provincial Ptp.

Joint Ventures

 

TERMINALLY ILL PARTNER

When a business partner is diagnosed as terminally ill, the situation for all partnership stakeholders can be extremely sensitive and costly. For the reality is that far too many partnership agreements, if there even is such an agreement, are inadequately drafted to effectively deal with terminal illness.

Some of the major inadequacies that arise in such agreements include an expectation of life insurance when there is none or insufficient insurance, when the payment arrangement on the partnership unit purchase is too brief, and where there is inadequate liquidity to meet the calculated partnership unit buy-out price . Each of these instant instances and others, pose serious problems for both the terminally ill partner and his / her estate upon their death and the surviving partners who acquire the partnership interest and become responsible for the acquisition price.

As a result, it tends to be prudent to revisit the partnership agreement when a partner becomes terminally ill, and potentially negotiate alternate arrangements as to the partner's buy-out.

Providing legal advice and strategy to complex aspects arising from one's partnership arrangement is a central facet of the legal practice of Neufeld Legal P.C. and lawyer Christopher R. Neufeld. To engage our law firm's legal services in furtherance of your business partnership situation, contact the law firm of Neufeld Legal P.C. 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.

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