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1. Parties: Identification and details of the partners entering into the 60-40 partnership
2. Background: Context of the partnership formation and brief description of the business purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Formation: Declaration of partnership formation, business name, and commencement date
5. Capital Contributions: Details of initial and ongoing capital contributions from each partner
6. Profit and Loss Sharing: Specification of the 60-40 split and mechanics of profit/loss distribution
7. Management and Control: Decision-making processes and management responsibilities
8. Partner Rights and Obligations: Detailed rights and duties of each partner
9. Banking and Financial Records: Financial management procedures and record-keeping requirements
10. Partner Meetings: Procedures for regular and special partner meetings
11. Transfer of Partnership Interest: Rules regarding transfer of partnership interests to third parties
12. Dissolution and Termination: Conditions and procedures for partnership dissolution
13. Governing Law: Specification of Canadian law as governing law and jurisdiction
1. Non-Competition: Restrictions on partners engaging in competing businesses, include when partners have other business interests
2. Intellectual Property: IP ownership and usage rights, include when the partnership involves creation or use of IP
3. Insurance: Partnership insurance requirements, include for high-risk businesses
4. Dispute Resolution: Alternative dispute resolution procedures, include when partners prefer arbitration over litigation
5. Death or Incapacity: Procedures in case of partner death or incapacity, include for long-term partnerships
6. New Partner Admission: Process for admitting new partners, include if future expansion is contemplated
7. Partnership Representative: Designation of partnership representative for tax purposes, include for larger partnerships
8. Force Majeure: Provisions for unforeseen circumstances, include for businesses vulnerable to external factors
1. Schedule A - Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions
2. Schedule B - Business Plan: Initial business plan and strategic objectives
3. Schedule C - Partner Contact Information: Complete contact details and addresses of all partners
4. Schedule D - Asset Register: List of partnership assets and their agreed values
5. Schedule E - Division of Responsibilities: Detailed allocation of management and operational responsibilities
6. Appendix 1 - Banking Resolution: Banking arrangements and authorized signatories
7. Appendix 2 - Accounting Policies: Agreed accounting principles and procedures
8. Appendix 3 - Partnership Protocols: Day-to-day operational procedures and protocols
Professional Services
Real Estate
Retail
Technology
Manufacturing
Construction
Healthcare
Consulting
Food and Beverage
Agriculture
Creative Industries
Transportation and Logistics
Financial Services
Educational Services
Legal
Finance
Corporate Development
Executive Leadership
Operations
Compliance
Tax
Business Development
Risk Management
Strategic Planning
Business Owner
Managing Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Business Development Manager
Corporate Lawyer
Accountant
Tax Advisor
Partnership Manager
Operations Director
Finance Manager
Compliance Officer
Business Consultant
Managing Director
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