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General Partnership Agreement

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  • General Partnership Agreement

Step 1 of 16 - Get Started

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  • Get Started

  • We have our own legal team who will prepare the Partnership Agreement. We have made it very simple and easy. All you need to do is, filling out this step by step form, pay and submit. Our specialist will review your submitted information, will contact you if anything is missing.
  •  Built for Alberta
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Alberta
  •  Built for British Columbia
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for British Columbia.
  •  Built for Manitoba
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Manitoba
  •  Built for New Brunswick
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for New Brunswick.
  •  Built for Newfoundland and Labrador
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Newfoundland and Labrador.
  •  Built for the Northwest Territories
    Different provinces/territories have different rules and regulations. Your Partnership Agreement will be customized for the Northwest Territories.
  •  Built for Nova Scotia
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Nova Scotia.
  •  Built for Nunavut
    Different provinces/territories have different rules and regulations. Your Partnership Agreement will be customized for Nunavut.
  •  Built for Ontario
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Ontario.
  •  Built for Prince Edward Island
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Prince Edward Island.
  •  Built for Quebec
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Quebec.
  •  Built for Saskatchewan
    Different provinces have different rules and regulations. Your Partnership Agreement will be customized for Saskatchewan.
  •  Built for the Yukon Territory
    Different provinces/territories have different rules and regulations. Your Partnership Agreement will be customized for the Yukon Territory.
  • Guidelines

  • What is a Partnership Agreement?
    Your Partnership Agreement is an agreement between you and your partner(s) that sets out the duties and obligations of the partners to each other and to the partnership.
  • How do I file my Agreement?
    You do not need to file your Partnership Agreement. Your Partnership Agreement is simply an agreement between the partners.
  • How do I select the place of business?
    Select the province in which the partnership will primarily do business. The laws of the province you select will be used to develop this agreement.
  • Partnership Details

  • Guidelines

  • What name should I use?
    You should choose a business name that is different from any other existing business.
  • Partnership Details

  • Business Purpose
  • Partnership Start Date
  • Date Format: MM slash DD slash YYYY
  • Partnership Duration
  • Date Format: MM slash DD slash YYYY
  • Guidelines

  • What is meant by fixed term partnership?
    Most partnerships come to an end by an eventual decision of the partners or some other intervening event. A fixed term instead sets an end date for the partnership in advance to suit specific circumstances.
  • Partner Details / First Partner

  • Second Partner

  • Third Partner

  • Fourth Partner

  • Fifth Partner

  • Guidelines

  • Who can be a partner?
    A partner can be a person (individual), a corporation, an LLC, or another partnership (business entity).
  • Partner Details / Primary Partner Contributions

  • 5.1 Provide a description of each partner's capital contributions
  • Second Partner Contributions

  • Third Partner Contributions

  • Fourth Partner Contributions

  • Fifth Partner Contributions

  • Guidelines

  • What are capital contributions?
    Capital contributions could include cash, resources, or services. Provide an accurate description including quantities and amounts.
  • Partners / Profit and Loss

  • Remember: The total for all partners should equal 100.00%
  • Partners / New Partners

  • Partners / Partner Wants to Leave

  • Guidelines

  • Why are there limits on partner withdrawal?
    All partners are important to your partnership. The Partnership Agreement should include terms and conditions that protect your partnership from the unexpected withdrawal of a partner.
  • What happens when the partnership dissolves?
    On dissolution of your partnership, the affairs of the partnership must be wound up, assets liquidated, debts paid, and the surplus divided equally among your partners. If there is only one partner left after a withdrawal, then your partnership must dissolve.
  • Partner cannot compete against your partnership?
    Partners and managers are presumed to have had access to confidential partnership information. After a partner or manager withdraws from the partnership, the partner or manager should be prevented from using that confidential information to compete directly with your partnership.
  • Will your partnership dissolve on withdrawal of any partner?
    You have indicated that there are two partners and that no new partners may be admitted. Therefore if one partner leaves the partnership will dissolve automatically.
  • Partners / Dissolving the Partnership

  • What percent of the final dissolution distribution will each partner receive?
  • Remember: The total for all partners should equal 100.00%
  • Accounting / Partner Compensation

  • Compensation would be in addition to a share of the profits.
  • Fiscal Year End
  • Date Format: MM slash DD slash YYYY
  • Annual Reports
  • Guidelines

  • What is meant by fiscal year?
    The fiscal year is the accounting period for which annual financial statements are prepared.
  • Why do I need the federal income tax report?
    Each of your partners will need a copy of the federal income tax report in order to calculate their own personal income tax.
  • Management

  • Major issues would still be determined with a vote of the partners.
  • Guidelines

  • What is a managing partner?
    A managing partner will have an ownership interest in your partnership and is also responsible for overall management and day-to-day operations of the partnership.
  • Management

  • Voting
  • Binding the Partnership in Contract
  • Guidelines

  • Why are there different voting requirements?
    * Some business decisions can substantially change the nature of your business, sometimes bringing unanticipated risk to your minority partners.
    * If applicable to your situation, protections for your minority partners can be included in your Partnership Agreement by requiring a unanimous vote on important decisions.
    * Keep in mind that requiring unanimous consent also means that each of your partners can veto any decision.
  • Who should have contract signing authority?
    * Any partner is presumed to have the authority to enter into a contract on behalf of your partnership, where the subject of the contract appears reasonable, given the usual business activities of the partnership. In some circumstances it may be appropriate to restrict contract signing authority to a smaller number of individuals.
    * Any variation to the presumed authority of the partners must be communicated to 3rd parties, vendors, and business associates.
  • Management

  • Partner Meetings
  • Unanimous Consent
  • Guidelines

  • Why require unanimous consent?
    Some types of business decisions involve significant new risk. To protect the interests of all partners, some of your business decisions should require the consent of all partners.
  • What is meant by "release of partnership claim"?
    Sometimes it becomes apparent that money owed to your partnership will never be collected in full. But, a waiver or release of any significant debt owed to your partnership should be agreed to by all partners.
  • Other

  • Additional Clauses
  • No additional terms are needed for most agreements.
  • Guidelines

  • Writing tips
    * Do not use several names or words to refer to the same person or thing as it could cause confusion and ambiguity by appearing to introduce new or different people or items.
    * Certain words were capitalized and defined already in this Agreement. For example, a partner is called the Partner. Use the same predefined terms in your additional clauses.
    * Do not use pronouns such as: they, us, we, our, you, or me. Pronouns may be ambiguous and can cause confusion. e.g.:
    • Wrong: If a Partner's ownership interest becomes available for sale, we have a right to first purchase.
    • Right: If a Partner's ownership interest becomes available for sale, the remaining Partners have a right to first purchase.
  • More...
    • Do not abbreviate words.
    • Use numerals, not words, to denote amounts.
    • Try not to repeat or contradict what has already been stated in your Agreement.
    • Only put one paragraph per additional clause.
    • Order your additional clauses in a logical sequence.
    • Make sure your meaning is clear.
    • Check the spelling of your clause.
  • Sign & Witness

  • Date Format: MM slash DD slash YYYY
  • Price: $ 299.00 CAD
  • Guidelines

  • Do I need a witness?
    * It is not required that you have someone witness the signing of your Partnership Agreement for it to be legally valid. But it is still a good idea if the execution of your agreement is ever challenged.
    * A witness should be a neutral third party who has no personal or business relationship with you or any of your partners.
  • Final Review: Check Carefully

  • {all_fields}
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