Partnership Agreements

If you form a partnership, you should clarify your relationship with the other party early in your planning process, by entering into a written partnership agreement. This agreement will set out rules governing the relationship between partners and is essential to the smooth operation of the business.

A basic partnership agreement should include at least the following:

  • the scope of the business of the partnership;
  • the partnership name;
  • responsibilities and contributions expected from each partner;
  • splitting of profits;
  • requirements for the admission of new partners;
  • partner dispute resolution procedure; and
  • dissolution of the partnership.

Good partnership agreements are essential to the success of a business. Consult one of our experienced business lawyers to help prepare and negotiate a partnership agreement that works for all parties involved.