Area of Law: Business & Corporate Law
Answer # 214
Partnership agreementsRegion: 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.
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