Partnership Agreement with Special Unit Issued for Vended In Assets (Ontario)

Use this template to prepare a Partnership Agreement for the Province of Ontario, under which ordinary partnership units are issued to the partners in accordance with their financial contributions, and a special unit is issued to one partner which has vended in certain assets to be used by the business. Provisions of the agreement include:

• The holder of the special unit will be allocated profits (or losses) in addition to those allocated among the ordinary units.
• Partnership units of a withdrawing partner will be distributed among the remaining partners pro rata their holdings, except for the special unit, which will be redeemed for a promissory note.

This is a Canadian legal agreement in MS Word format.