PRIMARY COMPONENTS OF A PARTNERSHIP AGREEMENT

The Partnership Agreement  |  No Agreement  |  Generic  |  Customized  |  Primary Components

Contact Neufeld Legal PC at 403-400-4092 or Chris@NeufeldLegal.com

A partnership agreement tends to have a number of core aspects that provide benefits and protections to its business partners, however simply relying upon boilerplate legal terms exposes one to the dangers of generic / boilerplate partnership agreements, such that the engagement of knowledgeable legal counsel to create a customized partnership agreement tends to have far superior value. When one consider the differences between various types of businesses, together with the arrangements and expected contributions of each of the individual partners, one can easily see the value in designing a customized partnership agreement, where the components are tailored to the specific demands and expectations of the partners and their business.

The core components of a partnership agreement can include:

- Identification of Parties

- Recitals

- Interpretation

- Partnership Arrangement

- Conduct of the Affairs of the Partnership

- Financing

- Partnership Property

- Transfer and Encumbrance of Interest in Partnership

- Effect on the Partnership of Various Events

- Dissolution

- Miscellaneous and General Provisions

Legal counsel for partnerships and joint ventures therefore must facilitate the realization of optimal profits within a legal framework that lawful protects the business participants. This is essential to maximizing your Canadian partnerships and joint ventures, for it provides important assurances that will enable the business to move forward with confidence while limiting future infighting and breakdowns of the business relationship. For legal counsel as to your business partnership or joint venture, contact our law firm at Chris@NeufeldLegal.com or 403-400-4092 / 905-616-8864.

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