Establish the right terms and conditions for your partnerships.
$720 (+ tax)
A Partnership Agreement is between multiple parties. The key clauses include who the partners are, their contributions, sharing of profits, conflict resolution, and dissolution of the partnership.
Avoid future conflicts.
Drafting and signing a Partnership Agreement before starting the partnership is critical. If there is conflict at any point, the Partnership Agreement will provide a mutually agreed upon structure to resolve it.
Establish contribution value.
Each partner generally contributes something unique to the partnership, whether it’s cash, capital, discounts, or time. Partnership Agreements establish the value of these contributions and relate them to the ownership of profits and more.
Outline key processes.
Partnership Agreements can be used to describe the key management procedures of the partnership. This can include things like who has the authority to hire and fire employees, what happens to the business when a partner leaves, and where cash will be kept.
First you'll have a kick-off call with your Good Lawyer to discuss the current status of corporation. After the call, your lawyer will collect the documents they need to complete the Agreement. They will share a copy of the final document.
1. Project kick-off call to gather information, advise you and answer questions.
2. One customized Partnership Agreement.
3. One round of minor revisions if necessary.
Pick a time to kick-off the project and discuss your Partnership Agreement with a Good Lawyer.
Your lawyer will collect all the necessary information to draft your Partnership Agreement.
You might have to negotiate with your partners on the agreement. The first instance of the agreement is often not the final document, especially if other founders are exercising their right to seek independent legal advice.
Once all the negotiations are settled, you’ll get one round of revisions before your lawyer finalizes and sends you a digital copy of your new Partnership Agreement ready to sign.
Get your paperwork done the easy way so you can get back to running your business.
Typically, from the time of your kick-off call you can expect to have your final Partnership Agreement within 2 weeks. It could take a bit longer if your needs are atypical, negotiations are complex, a trust is involved, or if any partners are exercising their right to seek independent legal advice.
Maybe. Starting a business properly can require a lot of legal work up front. Talk to your lawyer if you aren’t sure what you need and they will identify if you are missing anything important for the stage your business is currently at.
It’s extremely difficult to find a reliable template for a Partnership Agreement online because the relationships involved are often complex and always unique. With that being said, they can act as a conversation starter around the key points of the future agreement.
Generally, no, you don’t need a local lawyer to draft a Partnership Agreement. However, certain types of partnerships are regulated under provincial laws and a lawyer with local expertise might be required. If you book an out-of-province lawyer that determines you need someone with local expertise, Goodlawyer can set you up with a local lawyer ready to help.
Yes, absolutely. You can use the Goodlawyer platform to send messages and files. If substantially more communication is needed, your lawyer may request another call.
Yes! We have an extensive library of small business resources ranging from templates, small business tips and tricks, business law, contract law and intellectual property. Check out our blog!
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