Partnerships are like marriages, while some last for many years, most end up with lawyers dividing up assets.
A properly drafted Ontario partnership agreement outlines each partner’s respective rights and obligations concerning a business partnership or joint venture in Ontario.
A general Partnership Agreement will address the ownership of property brought into the partnership, the time and services each partner will commit to the business, and what happens in the event the partners want to dissolve the partnership or a partner wishes to leave the firm.
$2499.99 + HST.
An Ontario partnership agreement helps clarify the partners legal entitlements and ownership of partnership assets (such as a client list, trademarks, and goodwill) to reduce the chances the partnership will end with a legal dispute.
In Ontario, Partnership Agreements are governed by the Ontario Partnership Act whether or not you have a written agreement in place. Because the default rules in the Partnership Act will apply where there is no agreement or an incomplete agreement between the partners, you can often wind up with a result that seems unfair if you do not have a proper partnership contract between you and your business partners.
Without a clearly defined Partnership Agreement, your partners have equal rights to the profits or assets of the firm regardless of how much they contributed. This can also result in a situation where one partner will not permit the others from using the firm name when they decide they want to exit the venture.
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Whether incorporated federally under the Canada Business Corporations Act or Provincially under the Ontario Business Corporations Act, shareholders to a
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The short answer is no. But having a dedicated Ontario small business lawyer involved from the start has numerous advantages.
* As with all legal matters, pricing will ultimately depend on the complexity of the situation and the time a lawyer spends working on a file. All references to pricing and flat rate fees reflect the standard rate in usual circumstances. In the event the complexity or time spent working on a file exceeds usual circumstances Supply Law reserves the right to provide you with a revised estimate and you may choose to accept the new estimate and continue with work or terminate the retainer agreement and only pay for those services already rendered.