Partnership Agreement - Short Form (Canada)

Agreement that formalizes and documents the partnership of two or more people in the ownership of a for-profit business.

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A partnership agreement is a document that formalizes the partnership of two or more people in their ownership of a for-profit business. If you would like a more comprehensive agreement, please see our Partnership Agreement – Long Form which includes additional provisions governing dissolution, buyout of a partner and other subjects.

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.
 
 
Partnership Agreement
(Short Form)

 

THIS AGREEMENT made as of       between      , of       and      , of      .
 
WHEREAS the parties hereto are desirous of entering into a partnership (the “Partnership”) with one another concerning a business of [Describe Partnership Business (ie. Software Consulting)] (the “Business”);
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the mutual covenants and agreements herein contained and subject to the terms and conditions hereafter set out, the parties hereto agree as follows:
1.   Business and Name. From and after the date of this Agreement, the partners agree to carry on the Business in partnership with one another as equal partners under the name      ".
2.   Capital Contribution. Both partners shall contribute equally any capital which they deem necessary for carrying on the Business.
3.   Profits, Losses. The net profits of the Partnership shall belong to the partners in equal shares. All expenses incurred in the course of the Partnership and any losses arising therefrom shall be borne out of the earnings of the Partnership, or in the case of a deficiency, the losses shall be paid by the partners in equal shares.
4.   Accounting. Proper accounts shall be kept of all transactions of the Partnership 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 for the past year, and what belongs and is due to each of the partners as his share of the profits.
5.   Prohibited Acts. No partner shall, without the consent in writing of the other, do any of the following things, namely:
(a)   Be engaged directly or indirectly, or be connected with any trade or business other than the Business;
(b)   Assign all or any part of his or her interest in the Partnership, or introduce or attempt to introduce any other person into the Partnership, without the authority of the other partner;
(c)   Borrow money, endorse any notes or become security for any other person in the name of the Partnership;
(d)   Contract on behalf of the Partnership otherwise than in the Partnerships name;
(e)   Order or contract for any goods or article exceeding the value of one thousand dollars ($1,000.00);
(f)   Employ any money or effects belonging to the Partnership, or engage its credit, except on account of the Partnership and for the bona fide purposes of carrying on the Business, or do or suffer anything whereby any such money or effects, or the interest of such partner therein, may be taken in execution or in any wise assigned, charged or encumbered for or in respect of his private debts; or
(g)   Make, draw, accept, sign, or endorse any bill of exchange, draft, promissory note, or contract any debt on account or in the name of the Partnership, or in any manner pledge the credit of the Partnership, except in the usual and regular course of business.
6.   Termination of Partnership. Upon the termination of the Partnership the assets of the Partnership shall be realized and applied first in payment of the debts and liabilities of the Partnership and any surplus shall be divided equally between the partners.
7.   General. If at any time during the term of this Agreement the partners shall deem it necessary or expedient to make any alteration in any article, clause, matter or thing herein contained they may do so by a writing signed by them and endorsed on these articles, and all such alterations shall be adhered to and have the same force and effect as if they had been originally embodied in and formed part of this Agreement. 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. This Agreement shall be governed by and construed in accordance with the laws of the Province of      . The headings of the paragraphs hereof are inserted for convenience of reference only and shall not affect the interpretation or construction of this Agreement.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
Witness
 
Partner 1 Name
 
 
 
 
Witness
 
Partner 2 Name
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28477
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.
 
 
Partnership Agreement
(Short Form)

 

THIS AGREEMENT made as of       between      , of       and      , of      .
 
WHEREAS the parties hereto are desirous of entering into a partnership (the “Partnership”) with one another concerning a business of [Describe Partnership Business (ie. Software Consulting)] (the “Business”);
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the mutual covenants and agreements herein contained and subject to the terms and conditions hereafter set out, the parties hereto agree as follows:
1.   Business and Name. From and after the date of this Agreement, the partners agree to carry on the Business in partnership with one another as equal partners under the name      ".
2.   Capital Contribution. Both partners shall contribute equally any capital which they deem necessary for carrying on the Business.
3.   Profits, Losses. The net profits of the Partnership shall belong to the partners in equal shares. All expenses incurred in the course of the Partnership and any losses arising therefrom shall be borne out of the earnings of the Partnership, or in the case of a deficiency, the losses shall be paid by the partners in equal shares.
4.   Accounting. Proper accounts shall be kept of all transactions of the Partnership 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 for the past year, and what belongs and is due to each of the partners as his share of the profits.
5.   Prohibited Acts. No partner shall, without the consent in writing of the other, do any of the following things, namely:
(a)   Be engaged directly or indirectly, or be connected with any trade or business other than the Business;
(b)   Assign all or any part of his or her interest in the Partnership, or introduce or attempt to introduce any other person into the Partnership, without the authority of the other partner;
(c)   Borrow money, endorse any notes or become security for any other person in the name of the Partnership;
(d)   Contract on behalf of the Partnership otherwise than in the Partnerships name;
(e)   Order or contract for any goods or article exceeding the value of one thousand dollars ($1,000.00);
(f)   Employ any money or effects belonging to the Partnership, or engage its credit, except on account of the Partnership and for the bona fide purposes of carrying on the Business, or do or suffer anything whereby any such money or effects, or the interest of such partner therein, may be taken in execution or in any wise assigned, charged or encumbered for or in respect of his private debts; or
(g)   Make, draw, accept, sign, or endorse any bill of exchange, draft, promissory note, or contract any debt on account or in the name of the Partnership, or in any manner pledge the credit of the Partnership, except in the usual and regular course of business.
6.   Termination of Partnership. Upon the termination of the Partnership the assets of the Partnership shall be realized and applied first in payment of the debts and liabilities of the Partnership and any surplus shall be divided equally between the partners.
7.   General. If at any time during the term of this Agreement the partners shall deem it necessary or expedient to make any alteration in any article, clause, matter or thing herein contained they may do so by a writing signed by them and endorsed on these articles, and all such alterations shall be adhered to and have the same force and effect as if they had been originally embodied in and formed part of this Agreement. 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. This Agreement shall be governed by and construed in accordance with the laws of the Province of      . The headings of the paragraphs hereof are inserted for convenience of reference only and shall not affect the interpretation or construction of this Agreement.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
Witness
 
Partner 1 Name
 
 
 
 
Witness
 
Partner 2 Name
 
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