[vc_row full_width=”stretch_row_content_no_spaces”][vc_column][layerslider_vc id=”20″][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=”50px”][vc_column_text]<\/p>\n
[\/vc_column_text][vc_separator color=”custom” border_width=”4″ el_width=”10″ accent_color=”#45f0df”][vc_empty_space height=”50px”][\/vc_column][\/vc_row][vc_row full_width=”stretch_row_content”][vc_column width=”2\/6″ css=”.vc_custom_1523298315912{padding-right: 100px !important;background-color: #5f4f87 !important;}”][vc_column_text css=”.vc_custom_1536353391796{padding-top: 230px !important;padding-right: 40px !important;}”]<\/p>\n
Why this agreement is pivotal for your partnership<\/span>[\/vc_column_text][vc_separator color=”custom” align=”align_left” border_width=”4″ el_width=”30″ accent_color=”#45f0df” css=”.vc_custom_1536353400079{padding-bottom: 230px !important;}”][\/vc_column][vc_column width=”4\/6″][vc_row_inner css=”.vc_custom_1523298118777{padding-top: 20px !important;}”][vc_column_inner width=”1\/3″][vc_column_text css_animation=”slideInRight”]<\/p>\n \uf103<\/i><\/span><\/p>\n Depending on the contributions of each partner, the partners must establish the percentage in ownership of the business. Will the business be split 50\/50 or 25\/75?<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_column_text css_animation=”slideInRight”]<\/p>\n \uf103<\/i><\/span><\/p>\n The partners should establish how much each partner plans to contribute to the business. This contribution is not solely related to money but also related to time, effort..etc.<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=”1\/3″][vc_column_text css_animation=”slideInRight”]<\/p>\n \uf103<\/i><\/span><\/p>\n The partners should establish how the profit, losses and expenses of the business will be split and who will be paid first.<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_column_text css_animation=”slideInRight”]<\/p>\n \uf103<\/i><\/span><\/p>\n The partners should establish how disputes will be resolved internally. Establishing a dispute resolution process early on can make the dispute navigation process much smoother.<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][\/vc_column_inner][\/vc_row_inner][vc_row_inner css=”.vc_custom_1523298125157{padding-bottom: 20px !important;}”][vc_column_inner width=”1\/3″][vc_column_text css_animation=”slideInRight”]<\/p>\n \uf103<\/i><\/span><\/p>\n The partners should establish what should happen in the event of death, disability or incapacity of one of the partners. Who will get their share in the business?<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_column_text css_animation=”slideInRight”]<\/p>\n \uf103<\/i><\/span><\/p>\n The partners should establish how the partnership will be dissolved and how they can withdraw from the partnership. The dissolution clause will determine the exit strategies of the partners.<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space][vc_column_text]<\/p>\n [\/vc_column_text][vc_separator color=”custom” border_width=”4″ el_width=”10″ accent_color=”#45f0df” css=”.vc_custom_1523649570154{padding-bottom: 20px !important;}”][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/4″][vc_column_text css=”.vc_custom_1523299862719{background-color: #ffffff !important;}”][\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_btn title=”Contact Us” style=”custom” custom_background=”#5f4f87″ custom_text=”#ffffff” shape=”square” align=”center” link=”url:http%3A%2F%2Fchalatilegal.ca%2Fen%2Fcontact-us%2F|||”][\/vc_column][vc_column width=”1\/4″][vc_column_text css=”.vc_custom_1523299862719{background-color: #ffffff !important;}”][\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space][vc_column_text]<\/p>\n A handful of some of the industries we’ve worked with<\/p>\n [\/vc_column_text][vc_separator color=”custom” border_width=”4″ el_width=”10″ accent_color=”#45f0df”][\/vc_column][\/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner width=”1\/3″][vc_icon type=”linecons” icon_linecons=”vc_li vc_li-shop” color=”custom” background_style=”boxed” background_color=”custom” size=”lg” align=”center” custom_color=”#ffffff” custom_background_color=”#5f4f87″][vc_column_text]<\/p>\n Retail<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_icon type=”linecons” icon_linecons=”vc_li vc_li-t-shirt” color=”custom” background_style=”boxed” background_color=”custom” size=”lg” align=”center” custom_color=”#ffffff” custom_background_color=”#5f4f87″][vc_column_text]<\/p>\n Fashion & Design<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_icon type=”material” color=”custom” background_style=”boxed” background_color=”custom” size=”lg” align=”center” custom_color=”#ffffff” custom_background_color=”#5f4f87″][vc_column_text]<\/p>\n Food & Beverage<\/p>\n [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=”1\/3″][vc_icon type=”material” icon_material=”vc-material vc-material-phonelink” color=”custom” background_style=”boxed” background_color=”custom” size=”lg” align=”center” custom_color=”#ffffff” custom_background_color=”#5f4f87″][vc_column_text]<\/p>\n E-commerce<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_icon type=”material” icon_material=”vc-material vc-material-money_off” color=”custom” background_style=”boxed” background_color=”custom” size=”lg” align=”center” custom_color=”#ffffff” custom_background_color=”#5f4f87″][vc_column_text]<\/p>\n Not-for-Profit & Charities<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_icon type=”material” icon_material=”vc-material vc-material-account_balance” color=”custom” background_style=”boxed” background_color=”custom” size=”lg” align=”center” custom_color=”#ffffff” custom_background_color=”#5f4f87″][vc_column_text]<\/p>\n Real Estate<\/p>\n [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space][\/vc_column][\/vc_row][vc_row full_width=”stretch_row_content” css=”.vc_custom_1523389709001{background-color: #45f0df !important;}”][vc_column width=”1\/4″][\/vc_column][vc_column width=”1\/2″][vc_column_text css=”.vc_custom_1523649430654{padding-top: 50px !important;}”]<\/p>\n [\/vc_column_text][vc_separator color=”custom” border_width=”4″ el_width=”10″ accent_color=”#5f4f87″][vc_btn title=”Learn More” style=”custom” custom_background=”#5f4f87″ custom_text=”#ffffff” shape=”square” align=”center” link=”url:http%3A%2F%2Fchalatilegal.ca%2Fen%2Fknowledge-base%2F|||” css=”.vc_custom_1534865041566{padding-bottom: 50px !important;}”][\/vc_column][vc_column width=”1\/4″][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1523302936027{padding-top: 50px !important;}”]<\/p>\n Find As to your Qs<\/p>\n [\/vc_column_text][vc_separator color=”custom” border_width=”4″ el_width=”10″ accent_color=”#45f0df” css=”.vc_custom_1523649049598{padding-bottom: 32px !important;}”][\/vc_column][\/vc_row][vc_row full_width=”stretch_row_content” css=”.vc_custom_1523382416223{padding-right: 42px !important;padding-left: 42px !important;}”][vc_column][vc_tta_accordion style=”modern” shape=”square” active_section=”90000000″ collapsible_all=”true”][vc_tta_section title=”What is a partnership?” tab_id=”1536353801609-94ea7164-3634″][vc_column_text]A partnership is a business formed with two or more people. Each person will contribute certain assets into the business and will reap a share in both the profits and losses of the business. Depending on the type of partnership, some partners will be actively involved in the business while others can be passively involved.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What is a partnership agreement?” tab_id=”1523388080539-0744c53f-6328″][vc_column_text]The most pivotal document to draft at the beginning of the partnership is a partnership agreement. A partnership agreement will set out all the terms and conditions of the partnership, agreed to by the partners.<\/p>\n The agreement will foresee any possible scenario from ownership to length of the partnership to death and termination of the partnership.<\/p>\n By signing a partnership agreement early on in their relationship, the partners can ensure that they are protected if something were to happen to the businesses or to a partner.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Which businesses need a partnership agreement?” tab_id=”1523388152433-2591f92e-10dc”][vc_column_text]This type of agreement is for businesses that are partnerships, namely:<\/p>\n [\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Do I need a partnership agreement?” tab_id=”1523388080578-6ed954ef-bc4f”][vc_column_text]YES! A partnership agreement provides you with protection in case something were to happen in a business. The agreement will answer all “what if” answers before they occur, that way you do not have to deal with these questions once a problem arises.<\/p>\n For more information on why partnership agreements are essential for your business, please read our blog post on the topic for more information, here<\/a>.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”My business partner is my friend or a family member, do I still need a partnership agreement?” tab_id=”1536334426458-553b863a-7e34″][vc_column_text]YES! Even if you are partnering a good friend or a family member, running a business is not an easy task. Problems can arise between partners and if that happens, you want to have an agreement to guide you through the process with ease.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”I am incorporated, and I have a business partner. Do I need a partnership agreement?” tab_id=”1537468352840-8b9159e4-1765″][vc_column_text]No. If you have a corporation,\u00a0 you do not need a partnership agreement. Rather, you need a shareholder agreement. For more information on shareholder agreement, please contact us<\/a> or send us a message on the form below.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What should a partnership agreement include?” tab_id=”1523388117677-c8dba870-c2af”][vc_column_text]The agreement should include:<\/p>\n [\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Can I dissolve a partnership?” tab_id=”1523388135649-279e82db-67db”][vc_column_text]Yes, we always include a dissolution clause into our partnership agreements. This clause will determine what will happen if you and your partner do not agree about something in the business, what are the exit strategies, how a partner can withdraw…etc.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Can I modify a partnership agreement?” tab_id=”1528908283338-377e8be0-3122″][vc_column_text]Yes, we recommend that a partnership agreement be updated every few years to reflect the wishes of the partners at that time.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Do I need a lawyer to draft a partnership agreement?” tab_id=”1536354689704-338ab54a-1d65″][vc_column_text]The partnership agreement is a binding legal document. Therefore, it is best to have a lawyer guide you in the drafting process.<\/p>\n If you choose to draft the partnership agreement yourself, you can. However, we recommend having a lawyer revise that agreement.[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n Request a consultation via the form below<\/p>\n [\/vc_column_text][vc_separator color=”custom” border_width=”4″ el_width=”10″ accent_color=”#45f0df”][lab_contact_form name_title=”Name.” email_title=”Email.” message_title=”Message.” show_subject_field=”yes” subject_title=”Phone.” submit_success=”Thank you, message sent!” alert_errors=””][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":" [vc_row full_width=”stretch_row_content_no_spaces”][vc_column][layerslider_vc id=”20″][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=”50px”][vc_column_text] Our full partnership agreement service for businesses. [\/vc_column_text][vc_separator color=”custom” border_width=”4″ el_width=”10″ accent_color=”#45f0df”][vc_empty_space height=”50px”][\/vc_column][\/vc_row][vc_row full_width=”stretch_row_content”][vc_column width=”2\/6″ css=”.vc_custom_1523298315912{padding-right: 100px !important;background-color: #5f4f87 !important;}”][vc_column_text css=”.vc_custom_1536353391796{padding-top: 230px !important;padding-right: 40px !important;}”] 6 Elements of a Partnership Agreement.\u00a0 Why this agreement is pivotal for your partnership[\/vc_column_text][vc_separator color=”custom” align=”align_left” border_width=”4″ el_width=”30″ accent_color=”#45f0df” css=”.vc_custom_1536353400079{padding-bottom: 230px !important;}”][\/vc_column][vc_column width=”4\/6″][vc_row_inner css=”.vc_custom_1523298118777{padding-top: 20px !important;}”][vc_column_inner…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-13597","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/pages\/13597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/comments?post=13597"}],"version-history":[{"count":23,"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/pages\/13597\/revisions"}],"predecessor-version":[{"id":14409,"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/pages\/13597\/revisions\/14409"}],"wp:attachment":[{"href":"https:\/\/chalatilegal.ca\/en\/wp-json\/wp\/v2\/media?parent=13597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ownership<\/span><\/h1>\n
Contributions<\/span><\/h1>\n
Distributions<\/span><\/h1>\n
Disputes<\/span><\/h1>\n
Death or Disability<\/span><\/h1>\n
Dissolution<\/span><\/h1>\n
Get a Quote.<\/span><\/h1>\n
Who we help.<\/span><\/h1>\n
Ambitious business but small budget?<\/span><\/h1>\n
Discover our resources section. You’ll find videos, guides and contracts to guide you through the legal of your business.<\/span><\/h1>\n
Learn and copy the techniques we use for our clients and use them to protect your business.<\/span><\/h1>\n
Frequently Asked Questions.<\/span><\/h1>\n
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Ready to go?<\/span><\/h1>\n