FREE Canadian Partnership Agreement
tow or more people can use this free Partnership Agreement for Canada to form a partnership for a for-profit business and to set forth the terms among themselves.
Disclaimer:This was not drafted by a attorney & should not be used as a legal document.
This Partnership Agreement ("Agreement") is made and effective this [Date], by and between the following individuals, referred to in this Agreement as the "Partners":
[Partner- 1], having his permanent place of residence at [address] [Partner-2], having his permanent place of residence at [address]
The Partners wish to set forth, in a written agreement, the terms and conditions by which they will be governed and associated with themselves in the Partnership.
NOW, THEREFORE, in consideration of the promises contained in this Agreement, the Partners affirm in writing their association as a partnership in accordance with the following provisions:
Name and Place of Business: The name of the partnership shall be called [Name of the Partnership Business] Partners (the "Partnership"). The principal place of business shall be at [address], until changed by the Partners, but the Partnership may own property and transact business in any and all other places as may from time to time be agreed upon by the Partners.
Purpose: The basic purpose of the partnership shall be to [Business]. However, the Partnership may also engage in any and every other kind or type of business, whether or not pertaining to the foregoing, upon which the Partners may at any time or from time to time agree.
Term: The Partnership shall commence as of the date of this Agreement and shall continue until terminated as provided herein.
Capital Account: It is agreed between both the Partners that, the Partners shall make an initial investment of capital, contemporaneously with the execution of this Agreement, as follows:
(a) Partner A: $ [Amount]
(b) Partner B: $ [Amount]
Unless agreed otherwise by the Partners, the Partners shall share the profits and losses of the business equally. Each Partner shall nonetheless be expected to devote such time and attention to Partnership affairs as shall from time to time be determined by agreement of the Partners. No Partner shall be entitled to any salary or to any compensation for services rendered to the Partnership or to another Partner.
Duties of the Partners: The Partners shall have the following duties:
(a) Partner A: _______________________________
(b) Partner B: _______________________________
Books and Records: The Partnership books and records shall be maintained at the principal office of the Partnership and each Partner shall have access to the books and records at all reasonable times.
It is agreed and understood that death, incompetency, withdrawal, nor bankruptcy of any of the Partners or of any successor in interest to any Partner shall operate to dissolve this Partnership, but this Partnership shall continue.
Withdrawal: Upon the retirement or withdrawal of any Partner, that Partner or, in the case of death or incompetency, that Partner's legal representative shall be entitled to receive the amount of the Partner's capital account adjusted with any additional capital contribution, claim over the accrued profits or losses and any other entitlement available to the partner under this Partnership Agreement or rights given under the Partnership Act, 1990.
Governing Law: This Agreement and the rights of the Partners under this Agreement shall be governed by the laws of the Province of [Province].
It is understood that the rights or liabilities or duties not specifically granted under this agreement shall be governed as per the Partnership Act, 1990.
IN WITNESS WHEREOF, the Partners have executed this Agreement the date first above written.