General Partnership Agreement

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Third Partner

Type :

First Name

Middle Name (if any)

Last Name

Phone Number

Complete Address

Same as Partnership Address

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

Do you want to add another partner:

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Fourth Partner

Type :

First Name

Middle Name (if any)

Last Name

Phone Number

Complete Address

Same as Partnership Address

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

Do you want to add another partner:

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Fifth Partner

Type :

First Name

Middle Name (if any)

Last Name

Phone Number

Complete Address

Same as Partnership Address

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

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Partner Details

Partner Details / Primary Partner Contributions

Provide a description of each partner's capital contributions

Describe all contributions made by this partner:

What is the total value of this partner's contributions?

Second Partner Contributions

Describe all contributions made by this partner:

What is the total value of this partner's contributions?

Third Partner Contributions

Describe all contributions made by this partner:

What is the total value of this partner's contributions?

Fourth Partner Contributions

Describe all contributions made by this partner:

What is the total value of this partner's contributions?

Fourth Partner Contributions

Describe all contributions made by this partner:

What is the total value of this partner's contributions?

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Partners / Profit and Loss

How will your profits and losses be distributed?

First partner's share of profit or loss

Second partner's share of profit or loss

Third partner's share of profit or loss

Fourth partner's share of profit or loss

Fifth partner's share of profit or loss

Remember: The total for all partners should equal 100.00%

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Partners / New Partners

Will your partnership allow new partners in future?

What is required to admit a new partner?

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Partners / Partner Wants to Leave

What is the notice period required before a partner can withdraw?

Will your partnership dissolve on withdrawal of any partner?:

What is the notice period required before a partner can withdraw?

FAQ

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.

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Partners / Dissolving the Partnership

What vote is required to dissolve your partnership?

How will assets be distributed when winding up your partnership?

What percent of the final dissolution distribution will each partner receive?

First partner's dissolution share:

Second partner's dissolution share:

Third partner's dissolution share:

Fourth partner's dissolution share:

Fifth partner's dissolution share:

Remember: The total for all partners should equal 100.00%

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Accounting / Partner Compensation

Will the partners receive compensation for work done for the partnership?

Compensation would be in addition to a share of the profits.

Fiscal Year End

What is your fiscal year end?

Annual Reports

In addition to the federal income tax report, what other reports do you want to include in your annual report to partners?

Supporting income statement

Balance sheet

Cash flow statement

Profit and loss summary

FAQ

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.

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Management

Who will be responsible for the day-to-day management of your partnership

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

Who will be the managing partner?

If necessary, how will you remove a managing partner?

FAQ

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.

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Management (Voting)

How will partnership votes be determined?

What vote will be required to make financial decisions?

What vote will be required to make business decisions?

Binding the Partnership in Contract

Who can bind your partnership in contract?

Percent vote to bind partners in contract:

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.

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Management (Partner Meetings)

When will regular meetings be held?

Who can request special meetings?

Unanimous Consent

Which decisions will require the consent of all partners?

Who can sign company cheques.

Assume new debts over a certain amount.

Assume new expenses over a certain amount.

Sell a partnership asset over a certain value.

Hire new employees where salary is over a certain amount.

Fire employees.

Release partnership claims except for payment in full.

Decisions affecting the unusual use or lending of partnership equipment.

Single liability expense limit:

Single transaction expense limit:

Fair market value limit:

Annual salary limit:

FAQ

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.

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Additional Clauses

1. Do you want to include any additional terms or information?

First Additional Clause

2. Do you want add another Additional Clause

Second Additional Clause

3. Do you want add another Additional Clause

Third Additional Clause

4. Do you want add another Additional Clause

Forth Additional Clause

5. Do you want add another Additional Clause

Fifth Additional Clause

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.

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Sign & Witness

When will your agreement be signed?

Date

Are witness signatures needed?

Total Payment: Price: $ 299.00 CAD

Total Payment:

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.

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Summary

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Partnership Details

Partnership Name:

Phone

Partnership Address:

Street Address

Address Line 2

City

State / Province / Region

ZIP / Postal Code

Country

FAQ

What name should I use?

You should choose a business name that is different from any other existing business.

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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.

Please Select Your Province

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.

FAQ

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.

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Partner Details / First Partner

Type:

First Name

Middle Name (if any)

Last Name

Phone Number

Complete Address

Same as Partnership Address

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

FAQ

Who can be a partner?

A partner can be a person (individual), a corporation, an LLC, or another partnership (business entity).

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Partnership Details

Business Purpose

The partnership will continue:

Partnership Start Date

What is the start date for your partnership?

Partnership Duration

What are the usual business activities of the partnership?

Fixed Term End Date:

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Second Partner

Type :

First Name

Middle Name (if any)

Last Name

Phone Number

Complete Address

Same as Partnership Address

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

Do you want to add another partner:

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Give Your Billing Information

The final estimated price is :

First Name

Last Name

Street address

Apart / Suite / Unit (optional)

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Country

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State

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Town / City

Postcode / ZIP *

Phone

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