Partnership Agreement (Ontario)
Price $25.00
Document Id : 3309
Use this template to prepare a Partnership Agreement specifically for use in the Province of Ontario, Canada. Provisions of the agreement include:
- New partners may only be admitted with the unanimous approval of the founding partners.
- Profits and losses, and income and losses for income tax purposes, will be allocated among the partner in proportion to their respective interests.
- If the earnings of the partnership are not sufficient to pay its debts and liabilities, the partners will make up the difference in proportion to their respective interests.
- If any partner is required to pay more than its share due to default on the part of another partner, the first partner will have a lien and charge against the income account of the defaulting partner.
- The business of the partnership will be managed by a managing committee appointed by the partners.
- If a partner withdraws from the partnership, its interest will be distributed pro rata among the remaining partners.
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