PARTNERSHIP AGREEMENTS
THE PROCESSDEFINING YOU AND YOUR PARTNERS’ MUTUAL RIGHTS AND RESPONSIBILITIES
Where two or more people carry on an unincorporated business together, they are called “partners” and the business is known as a partnership.
There are general partnerships and limited partnerships (where the liability of individual partners is more limited). Partnerships in general are much less common these days as most business people who are carrying on business with others prefer to incorporate as the best and simplest method of limiting their personal liability.
If you choose to carry on business as a partnership, we recommend that you have us prepare a proper partnership agreement, setting out your mutual rights and responsibilities and the exit strategy if you need to part company down the road; much like a shareholder agreement for incorporated businesses. The cost of preparing a partnership agreement varies depending on the complexity.
Give us a call and we’ll be pleased to discuss your situation and how we can meet your needs.