FREE Canadian Partnership Agreement (Short Form)
This free Canadian Partnership Agreement is a simple agremeement between several people to form a partnership. It contains many of the basic terms for such agreements.
Disclaimer:This was not drafted by a attorney & should not be used as a legal document.
PARTNERSHIP AGREEMENT (SHORT FORM)
This Partnership Agreement is made on this [Date] by and between:
[Name], having his permanent place of residence at [Address]
[Name], 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:
Business and Name:
The partners agree to carry on the Business in partnership with one another as equal partners under the name [Name of the Business].
It is agreed between both the partners that, they shall contribute equally any capital which they deem necessary for conducting and carrying on the Business.
It is agreed between both the Partners that the net profits of the Partnership business shall be divided equally between both the Partners in equal shares. All expenses incurred in the course of the Partnership Business and any losses arising therefrom shall be borne out of the earnings of the Partnership Business.
The Partners shall maintain and keep proper accounts of all the transactions of the Partnership Business and at the end of each year or so soon thereafter as possible a statement shall be made out showing the income and expenses of the Partnership Business for the past year.
Restrictions: The partners shall not engage into any activity which is not prescribed by this Agreement.
Termination of Partnership
Upon termination of the Partnership Agreement, the assets of the Partnership Business shall be realized and applied first in payment of the all or any of the debts and liabilities of the Partnership and any surplus shall be divided equally among the partners.
Governing Law: This Agreement and the rights of the Partners under this Agreement shall be governed by the laws of the Province of [Province] of Canada.
Agreement: This Agreement contains the entire agreement of the Partners with respect to the Partnership and may be amended only by the written agreement executed and delivered by all of the Partners.
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.