General Partnership Agreement

Quebec English Civil law Unannotated Short form

General Partnership Agreement

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  5. General Partnership Agreement General Partnership Agreement

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  6. General Partnership Agreement General Partnership Agreement

    A03300a -
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General Partnership Agreement

A general partnership is a type of busines is created under a general partnership agreement, identified by the abbreviation "GP." A general partnership agreement sets out the rules governing the partnership and the role of the partners. A business that operates as a general partnership must comply with strict regulatory requirements and administrative formalities. This type of partnership involves the collaboration of two or more persons to achieve a goal by sharing their respective resources and any resulting profits.

Forming a partnership is of particular interest to professionals whose order allows them to practice as a partnership; however, this type of partnership is referred to as a limited liability partnership ("LLP").

This template is based on the relevant provisions under the Civil Code of Québec and sets out the terms governing a general partnership. It can, however, be used to draft a limited liability partnership agreement by making the necessary changes to comply with the Professional Code (Québec).

General Partnership Agreement

This document sets out the termsspecifically for a general partnership - and not a limited liability partnership (or other form of partnership). If using this template for the purposes of a limited liability partnership, you will be required to make the necessary changes to the content.

General Partnership Agreement

0.00 INTERPRETATION
0.01 Definitions
0.01.01 Activities
0.01.02 Agreement
0.01.03 Collaborators
0.01.04 Contribution
0.01.05 Founding Partner(s)
0.01.06 Interest(s)
0.01.07 Partner
0.01.08 Partnership
0.01.09 Private Contributions
0.01.10 Reserved Contributions
0.01.11 Responsible Partner
0.01.12 Source Partner
0.02 Entire Agreement
0.03 Applicable Law
0.04 Miscellaneous
0.04.01 Cumulative Rights
0.04.02 No Waiver
0.04.03 Time Limits
0.04.04 Financial References
1.00 INCORPORATION
1.01 Partnership Name
1.02 Objective
1.03 Capital
1.04 Partnership’s Place of Business
1.05 Legal Registration
2.00 GOVERNANCE OF PARTNERSHIP
2.01 Administration
2.01.01 Board of Directors
2.01.02 Powers of Board of Directors
2.01.03 Dismissal and Replacement
2.01.04 Approval
2.02 Banking Matters
2.02.01 Financial Institution
2.02.02 Trust Accounts
2.03 Auditors
2.03.01 Decisions of Auditor
2.03.02 Annual Audit
2.04 Right to Borrow
2.05 Presumption
2.06 Admission of a New Partner
2.06.01 Eligibility
2.06.02 Procedure
2.06.03 Contribution
2.07 Alienation of Partnership Property
2.08 Expulsion from Partnership
3.00 GOVERNANCE OF PARTNERS
3.01 Meeting of PARTNERS
3.01.01 Annual Meeting
3.01.02 Special Meeting
3.02 Calling of Meetings
3.03 Procedure at Meetings
3.03.01 Adjournment
3.03.02 Quorum
3.03.03 Right to Vote
3.03.04 Exercising Right to Vote
3.03.05 Proxies
3.03.06 Signed Resolution
3.04 Contributions to Partnership
3.04.01 Capital Contribution
a) Initial Contribution
b) Increase of Capital Contribution
c) Reimbursement due to Reduction of Capital
3.04.02 Reimbursement of Capital Contributions
3.04.03 Contribution by Credit
3.04.04 Contribution by Activities
3.05 Obligation to Participate in Activities
3.05.01 PARTNERS’ Efforts
3.05.02 Interest of the Partnership
3.06 Third-Party Liability
3.07 Prohibited Acts
3.08 Allocation of Losses
3.09 Indemnification
3.10 Confidentiality
3.10.01 Scope of Undertaking
3.10.02 Breach of Undertaking
3.11 Non-Competition
3.11.01 Scope of Undertaking
3.11.02 Breach of Undertaking
3.12 Non-Solicitation of PARTNERS and Personnel
3.12.01 Scope of Undertaking
3.12.02 Breach of Undertaking
3.13 Non-Solicitation of Clients
3.13.01 Scope of Undertaking
3.13.02 Breach of Undertaking
3.14 Profit Sharing
3.14.01 Percentage Point System
3.14.02 Determination of Net Income
3.14.03 Annual Allocation of Net Income
a) Net Income Statement
b) Allocation
c) Loss
3.14.04 Suspension of Right to Share in Profits
3.15 Draws
3.15.01 Weekly
3.15.02 Quarterly
3.15.03 Proportion
3.15.04 Reimbursement of Overpayment
3.16 Reimbursement of Expenditures
3.17 Work in Progress
3.18 Right of Access to Documents
3.18.01 Consulting
3.18.02 Disclosure Prohibited
3.19 Retirement and Retirement Fund
3.20 Disability
3.21 Vacation Time
3.22 Personal Debts
3.23 Encumbrance on Assets
4.00 WITHDRAWAL OF A PARTNER
4.01 Voluntary Withdrawal
4.01.01 Procedure
4.01.02 Notice
4.01.03 Refusal
4.01.04 Terms of Payment
a) Internal Sale
b) Outside Offer
c) Return of Interest
4.02 Forced Withdrawal
4.02.01 Procedure
4.02.02 Method of Payment
4.03 Procedure to Resolve Dispute
4.03.01 Offer
4.03.02 Notice
4.03.03 Failure to Notify
4.03.04 Compliance with Procedure
4.04 Release and Reimbursement
5.00 OUTSIDE OFFER TO PURCHASE
5.01 Offer to Purchase a All or Part of a Partner’s Interest
5.01.01 Definitions
5.01.02 Application and Notice of Sale
5.01.03 First Option to Purchase
a) Application
b) Scope
c) Validity
5.01.04 Second Option to Purchase
a) Application
b) Scope
c) Validity
5.01.05 Refusal
a) Outside Offer
b) Approval of Transfer
c) Amending Conditions of Offer
5.01.06 Closing Session
5.01.07 Terms and Conditions of Payment
5.01.08 Liquidated Damages
5.02 Offer to Purchase all the Partnership Interests
5.02.01 Definitions
5.02.02 Application
5.02.03 Notice of Acceptance and Disclosure of Outside Offer
5.02.04 Reply of Minority Partners Regarding Options
a) Time Limit and Notice
b) Presumption
c) Terms of Sale
5.02.05 Amendment of Outside Offer
5.03 Outside Offer in Good Faith
5.04 Waiver
6.00 DEATH OF A PARTNER
6.01 Status
6.02 Compulsory Sale
6.03 Terms of Payment
6.03.01 Initial Amount
6.03.02 Balance
6.03.03 Disbursements
6.03.04 Expiry of Term
6.04 Protecting the Estate
6.04.01 Net Distributable Income
6.04.02 Indemnification
6.05 Order of Precedence
7.00 VALUATION OF INTERESTS
7.01 Value
7.02 Determining the Initial Value
7.03 Alternate Valuation
8.00 FINANCING
8.01 Life Insurance Policy
8.02 Obligations of PARTNERS
8.02.01 Payment of Premiums
8.02.02 Prohibition
8.02.03 Changes to Coverage
8.02.04 Sale Upon Death
8.02.05 Sale Upon Withdrawal
8.02.06 Dissolution of Partnership
8.02.07 End of Contract
9.00 SPECIAL PROVISIONS
9.01 Assignment
10.00 GENERAL PROVISIONS
10.01 Notice
10.02 Arbitration
10.03 Choice of Forum
10.04 Amendment
10.05 No Waiver of Rights
10.06 Language
11.00 TERMINATION
11.01 Triggers for Dissolution
11.02 Liquidation of Partnership
11.02.01 Notice
11.02.02 Statement of Accounts
11.02.03 Conversion into Legal Tender
11.02.04 Dissolution Agreement
11.02.05 Payment of Debts
11.02.06 Sharing of Residual Assets
a) Distribution
b) Work in Progress
11.02.07 Collecting Partnership’s Receivables
11.02.08 Use of Partnership’s Name
12.00 EFFECTIVE DATE
13.00 DURATION
13.01 End of Agreement
13.02 Withdrawal of a Partner
14.00 SCOPE
14.01 Agreement
14.02 Previous Agreement

SCHEDULE 0.01.04 – CONTRIBUTIONS
SCHEDULE 0.01.09 – LIST OF PRIVATE CONTRIBUTIONS
SCHEDULE 0.01.10 – RESERVED CONTRIBUTIONS
SCHEDULE 3.13 – CLIENTS OF PARTNERSHIP
SCHEDULE 4.01.04 – VALUE OF INTERESTS

  1. Documents

  2. Contrat de société en nom collectif Contrat de société en nom collectif

    A03300 -
    Quebec French Civil law Unannotated Long form

    $174.99

    $174.99

  3. Contrat de société en nom collectif Contrat de société en nom collectif

    A03300n -
    Quebec French Civil law Annoted Long form

    $199.99

    $199.99

  4. Contrat de société en nom collectif Contrat de société en nom collectif

    A03350 -
    Quebec French Civil law Unannotated Short form

    $99.99

    $99.99

  5. General Partnership Agreement General Partnership Agreement

    A03350a -
    Quebec English Civil law Unannotated Short form

    $99.99

    $99.99

  6. General Partnership Agreement General Partnership Agreement

    A03300a -
    Quebec English Civil law Unannotated Long form

    $174.99

    $174.99

  7. $19.99

  8. $19.99