At the intersection of promising entrepreneurial vision and exceptional human talent, your business endeavour has taken shape. As you venture into the next phase of your journey, we at Astre Legal stand ready to assist you in cementing the terms of your partnership on paper.
Our partnership agreements are meticulously crafted and customized to suit the unique requirements of your business. We will work closely with you to understand the intricacies of your partnership and ensure that all important terms are carefully articulated in the document. Additionally, we will outline contingency plans for potential challenges or conflicts that may arise in the future, ensuring that your partnership remains strong and sustainable.
By entrusting us to draft your partnership agreement, you and your partner can rest assured that you have a legally binding document that will protect your interests and safeguard your partnership. Let us help you translate your business dream into reality.
Contact our corporate and commercial law firm today to take the first step towards creating a solid foundation for your partnership.
Key considerations of a partnership agreement
When establishing a partnership, carefully consider the division of ownership. Will it be a 50/50 split, or will the distribution be uneven? Additionally, the contributions of each partner should be taken into account, including financial investments, time commitments, effort, and property.
To ensure a successful partnership, it is imperative that the partners establish clear guidelines for the distribution of profits, losses, and expenses, as well as determining which partner will be paid first.
In the event of a dispute, having a dispute resolution process already in place helps to manage the situation effectively. This ensures that all partners are aware of the appropriate steps to take when conflicts arise.
It is also important to address the potential outcomes in case of the death or disability of one of the partners. This includes what will happen to the partnership and who will receive their share.
Finally, in the event of dissolution, it is important to discuss how the partnership will be ended and what the conditions are for the withdrawal of one partner.
Addressing these important considerations with will ensure the longevity and success of the partnership. Don't wait any longer, start discussing these topics with your partners today and establish a strong foundation for your business. Contact us at Astre Legal to learn more about partnership agreements and how we can assist you in creating one that meets your specific needs.
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What is a corporation?A corporation is a legal entity that can enter into contracts, incur debt, and even own property. Every corporation is comprised of shareholders, directors and officers. When forming a corporation, owners transfer money, property or assets into the corporation in exchange for shares. These owners then become shareholders of the corporation and they can buy or sell their shares without affecting the existence of the corporation.
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What's a minute book?Each corporation is legally required to keep, maintain and regularly update their corporate minute book. This book is the legal history of the corproation starting from its incorporation. Each decision is recorded into the minute book which allows potential investors, the CRA and interested people (for example, a potential buyer) to assess the history of the corporation. If you need to create, re-create, or update your minute book visit our minute book page. In a minute book, you will generally find: Certificate of Incorporation Articles of Incorporation Resolutions Share Certificates Share Registry Shareholder's Register Director's Register Officer's Register
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What are Shareholders, Directors, and Officers?"Enter your answer here
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Can one person incorporate a company?Yes, one person can incorporate a company by themselves. This person will play the role of the shareholder, director and officer.
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How long does a corporation exist?A corporation can exist forever since it is a separate legal entity. It is independent from its shareholders, directors and officers. It's existence can be ended by dissolution (voluntary or involuntary).
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Do I need a lawyer to incorporate?The incorporation process requires many legal documents which are best prepared by a lawyer. You should always consult with one before incorporating to ensure you have the right and accurate documents.
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What's the difference between a named and a numbered corporation?A corporation can be incorporated using a name or let the appropriate authority provide it with a number to identify the corporation. If dealing with the public, numbered corporations will also declare a business name that they will use for their business purposes.