DocumentsPartnership Agreement
Partnership Agreement
The Partnership Agreement is a legally binding contract used to formalise the terms and conditions of a business partnership between two or more individuals or entities. This agreement serves as an official document, outlining the rights, responsibilities, and obligations of the partners and governing the operations of the partnership.
The Partnership Agreement is:
- A written contract that defines the structure and rules of the partnership.
- Provides clarity on profit sharing, management roles, decision-making, and other aspects of the business.
- May be required to establish a solid foundation for the partnership and prevent potential disputes.
Partnership Agreement
To simplify the process of creating your Partnership Agreement, NotaryPro offers an online document creator. You can avoid the hassle of making an appointment with a notary public and spend less time drafting a document.
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What details or information does the Partnership Agreement contain?
The Partnership Agreement typically includes the following details:
- Partner information: Full names, addresses, and contact details of all partners.
- Business details: Name, address, and description of the partnership business.
- Partnership terms: Duration of the partnership, contribution of each partner, and profit-sharing arrangement.
- Management roles: Allocation of roles, responsibilities, and decision-making authority among partners.
- Dispute resolution: Procedures for addressing disputes and conflicts that may arise.
- Dissolution process: Steps to be taken if the partnership is dissolved or ends.
- Notarization: The signature and seal of a notary public or commissioner of oaths to certify the authenticity of the document.
When would I need the Partnership Agreement?
You may need the Partnership Agreement in various situations, such as:
- When forming a business venture with other partners.
- To ensure a shared understanding of partnership rules and expectations.
- To define the rights and responsibilities of each partner and prevent potential conflicts.
Do I need to have my Partnership Agreement notarized?
Notarizing your Partnership Agreement is recommended. While notarization is not always a legal requirement, it adds credibility to the document and confirms its authenticity.
How to Draft & Notarize your Document
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1
Fill out our simple online form with your information.
2
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3
Connect with a notary public online in minutes who will verify your identity and witness your electronic signature.
4
Receive your notarized document via email and print it out for your records.
Frequently Asked Questions
Can a Partnership Agreement be customised to fit the specific needs of the partners?
Yes, a Partnership Agreement can be customised to reflect the specific needs, goals, and circumstances of the partners.
Each partnership is unique, so the agreement should be tailored to address the partnership’s specific characteristics.
What happens if a partner wants to leave the partnership?
A Partnership Agreement should outline the procedures for a partner’s departure, which might include giving notice to the other partners and addressing the division of assets, liabilities, and any outstanding obligations.
Is a Partnership Agreement required by law?
In most jurisdictions, a formal Partnership Agreement is not legally required for a partnership to exist. However, having an agreement in place is highly recommended to avoid misunderstandings, conflicts, and uncertainties among partners.
Is NotaryPro’s online drafting & notary service legally recognized?
Yes, NotaryPro’s documents are legally recognized.
NotaryPro’s documents have been accepted by many institutions and authorities, including the Government of Canada and Service Ontario.
Is NotaryPro’s online drafting & notary service secure?
Yes, NotaryPro uses the latest encryption technology.
Your personal information and documents are subject to the highest level of digital security, and we ensure that your documents are notarized in compliance with all applicable Canadian laws and regulations.
How much does it cost?
It’s free to create your document, although we do offer online notarization for a small fee.
That’s right! Creating your document comes at no cost to you, but if you would like to notarize it at the same time, we’re happy to help. Please find our detailed prices here.