Addmission of Employee as Partner (Canada)

Agreement selling a partnership interest to an employee of the business.

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This form is to be used in those cases where an employee is going to be granted admission into an existing partnership. The form allows you to choose the percentage interest and the payment for such interests.

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Admission of an Employee as a Partner
 
 
 
THIS AGREEMENT made as of [Date of Agreement], between [Name of Partnership] (the "Partnership") and [Name of New Partner to be Admitted] (the "New Partner").
WHEREAS:
(A)   The Partnership carries on the business of a [Describe business of Partnership (ie. retail convenience store)];
(B)   The existing partners of the Partnership (the "Existing Partners") are [Name all the Existing Partners of the Partnership];
(C)   New Partner is employed by the Partnership;
(D)   The New Partner desires to acquire an interest in the Partnership, and the Existing Partners desire and intend to continue the business in partnership with each other and the New Partner.
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   Transfer of Interest in Partnership
The Existing Partners hereby equally sell, assign and transfer to the New Partner, free and clear of all encumbrances, [Specify percentage of Partnership Acquired by New Partner (ie. 20%)] of the Partnership (the "Purchased Partnership Interest")and of their interest therein, in accordance with the terms of this Agreement, including, but not limiting the generality of the foregoing [List Assets of Partnership (ie. all books, records, office furniture and other assets and goodwill].
2.   Payment
The New Partner agrees to pay the Existing Partners the sum of $[Amount of Purchase Price (ie. $30,000)] for the Purchased Partnership Interest, the receipt of which is hereby acknowledged.
3.   Entire Agreement
This Agreement is sets forth the entire agreement between the parties relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by both parties.
4.   Successors and Assigns
This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
 
 
 
 
Witness
 
[NAME OF 1ST EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF 2ND EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF NEW PARTNER]
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28478
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Admission of an Employee as a Partner
 
 
 
THIS AGREEMENT made as of [Date of Agreement], between [Name of Partnership] (the "Partnership") and [Name of New Partner to be Admitted] (the "New Partner").
WHEREAS:
(A)   The Partnership carries on the business of a [Describe business of Partnership (ie. retail convenience store)];
(B)   The existing partners of the Partnership (the "Existing Partners") are [Name all the Existing Partners of the Partnership];
(C)   New Partner is employed by the Partnership;
(D)   The New Partner desires to acquire an interest in the Partnership, and the Existing Partners desire and intend to continue the business in partnership with each other and the New Partner.
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   Transfer of Interest in Partnership
The Existing Partners hereby equally sell, assign and transfer to the New Partner, free and clear of all encumbrances, [Specify percentage of Partnership Acquired by New Partner (ie. 20%)] of the Partnership (the "Purchased Partnership Interest")and of their interest therein, in accordance with the terms of this Agreement, including, but not limiting the generality of the foregoing [List Assets of Partnership (ie. all books, records, office furniture and other assets and goodwill].
2.   Payment
The New Partner agrees to pay the Existing Partners the sum of $[Amount of Purchase Price (ie. $30,000)] for the Purchased Partnership Interest, the receipt of which is hereby acknowledged.
3.   Entire Agreement
This Agreement is sets forth the entire agreement between the parties relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by both parties.
4.   Successors and Assigns
This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
 
 
 
 
Witness
 
[NAME OF 1ST EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF 2ND EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF NEW PARTNER]
 
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