i am here
stdClass Object
    [term_id] => 110
    [name] => Business Law
    [slug] => business-law
    [term_group] => 0
    [term_order] => 19
    [term_taxonomy_id] => 110
    [taxonomy] => topics
    [description] => 
    [parent] => 0
    [count] => 0
    [filter] => raw

Empire Business TOP ONEmpire Business TOP ON

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. More information about starting a business or forming a partnership in Ontario can be found at ServiceOntario, or visit the Government of Canada, Canada Business Ontario.

Is your business protected?

Whether you’re a start-up or well-established business, life insurance can help protect your business so that you can still achieve your business goals in the event of the unexpected. It’s important to get professional advice for your unique situation, and it is more affordable than you think. For a free consultation and quote, contact an Empire Life Insurance advisor today.


Empire Business Bottom ONEmpire Business Bottom ON


You now have 3 options:

Was your question answered?

Yes    No

What information would you like to see added?

Submit an Edit Request

What are your changes?*

Page loaded. Thank you