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Partnership agreements

Region: Ontario Answer # 214

If you decide to form a partnership, you should put a partnership agreement in place. A partnership can exist without having a formal, legal partnership agreement, but such an agreement can help you avoid problems.

A partnership agreement establishes rules about how the business is going to be run. It usually includes such things as:

  • who the partners are,
  • what bank the business will use,
  • how the profits or losses of the business are to be divided among the partners,
  • what the capital contribution of each partner will be,
  • what the role and responsibilities of each partner will be, and
  • how the partnership can be dissolved.

Establishing these business details at the beginning of a business relationship can help avoid disagreements in the future.

Many of these details can be decided between the partners before they approach a lawyer to finalize the agreement. However, creating a partnership agreement is a detailed legal process. You should have a lawyer help you create the agreement, or at least have a lawyer review the agreement before you sign it.

NEW Ontario Business Registry

Businesses can now complete over 90 transactions online through the new Ontario Business Registry. This includes:

  • register a new business name
  • renew an existing business name
  • dissolving an existing business
  • incorporate, dissolve and change a corporation or not-for-profit or charity
  • search for a business or not-for-profit corporation
  • file notices and other documents under other business law statutes

Currently, mailing or emailing documents is also still available.

Registering existing business: Existing businesses and not-for-profits who wish to access their profile or file documents using the Registry will require a Company Key. Businesses can submit a request for their company key at Ontario.ca/BusinessRegistry.

New businesses and not-for-profits should visit the Ontario Business Registry: all services page for instructions on how to create and register their new business.

Anyone can do a free search of the Ontario Business Registry to get basic information about a business or not-for-profit corporation.

Get help

For legal advice contact Jahanshahi Law Firm, our preferred Business Lawyer. Call 416-551-1569.

If you require a background check to be conducted, and for other investigation services, contact our preferred Investigators, MADPI GLOBAL .

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