Partnership Agreement for Professional Corporations | Canada
Form a partnership between two professional corporations with this template Partnership Agreement for Canadian businesses.
- Application. The Partnership Agreement can be used by legal, accounting, architectural, consulting, medical or other professionals to help share the costs of the practice, as opposed to operating as a sole practitioner which can be much more costly and constitute a much larger business risk.
- Operations and Capital Contributions. The partners mutually agree on how the business and operations of the partnership will be conducted, and the responsibilities and capital contributions of each of the partners.
- Debts and Liabilities. Each partner is responsible for paying his/her own debts, and must keep the partnership property and the interests of other partners free from claims or demands.
- Assignment. Partners cannot assign their partnership interest or incur liabilities which might put their interest in danger of attachment.
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Last Updated: 04-May-2021