Ontario Partnership Agreement with Special Unit Provisions

Set up a general partnership in Ontario with this downloadable Partnership Agreement template.

• The Partnership Agreement contains provisions for:
  • Admission of new partners.
  • Allocation of profits and losses, and income and losses for income tax purposes, among the partners in proportion to their respective interests.
  • If partnership earnings 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.
  • Management of the business of the partnership by a managing committee.
  • Withdrawal of a partner.
• Available in MS Word format.
• Intended for use only in the Province of Ontario, Canada.

Wind up an Ontario general partnership with this Partnership Dissolution Agreement.

• The remaining partner buys out the interest of the resigning partner and assumes the partnership debts and obligations, in order to continue carrying on business.
• The partners will post an advertisement in The Ontario Gazette to notify interested parties of the dissolution.
• This legal template is provided in MS Word format and is fully editable to fit your particular circumstances.
• Intended for use only in the Province of Ontario, Canada.

Ontario realtors, take advantage of corporate tax rates on the commissions you earn by setting up a personal real estate corporation (PREC) and running your revenues through it.

• This Remuneration Agreement between the realtor, the PREC and the realtor’s brokerage establishes the relationship between the parties and sets out how revenues earned by the realtor will be paid.
• The realtor is engaged by the brokerage as a real estate salesperson and is the incorporator and shareholder of the PREC.
• Remuneration earned by the realtor is paid by the brokerage to the PREC instead of directly to the realtor.
• The Agreement does not create an employment, agency, partnership, joint venture or similar relationship between the brokerage and either of the other parties.
• The PREC and the realtor are responsible for withholding and remitting all required taxes and EI and other contributions.
• The PREC personnel are not eligible to participate in any benefit or compensation programs offered by the brokerage to its own employees.
• The PREC does not carry on business as a real estate brokerage.
• This document complies with the laws of the Province of Ontario, 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.

Purchase the Canada Partnership Agreement for Professional Corporations by adding it to your cart and checking out. You'll be able to download it and use it at your leisure.

Before you buy out your partner's interest in your business, download and review this 6-page checklist of issues you need to consider.

• Topics include:
  • valuation and financial status of the partnership business;
  • alternatives to a buy-out;
  • preservation of the value of the partnership;
  • setting the purchase price;
  • financing;
  • tax and legal issues.
• Buying out a partner can be difficult and stressful. The Partnership Buyout Checklist is a handy tool to help you work through the process.