A limited partnership is a cross between a partnership and a corporation that allows some investors, the "limited partners," to benefit from limited liability without having to incorporate. However, the partner who is appointed managing partner (the "general partner") is responsible for overseeing the management of the business and is liable for any operating losses. To preserve their limited liability status, limited partners are prohibited from intervening in the management of the business.

We recommend using this template to create a general partnership with different categories of partners.

It should be noted that this template is drafted specifically for a private limited partnership, meaning that the only contributions to the partnership are provided by the limited partners themselves, whereas in the case of a public limited partnership, the partners can issue an initial public offering in exchange for an interest in the partnership.

0.00 INTERPRETATION
0.01 Definitions
0.01.01 Activities
0.01.02 Agreement
0.01.03 Breach
0.01.04 Certificate
0.01.05 Claim
0.01.06 Committee
0.01.07 Confidential Information
0.01.08 Contributions
0.01.09 Declaration
0.01.10 Dispute
0.01.11 Encumber / Encumbrance
0.01.12 Expenses
0.01.13 Financial Year
0.01.14 Force Majeure
0.01.15 Law
0.01.16 Legal Representatives
0.01.17 LIMITED PARTNER
0.01.18 Limited Partnership
0.01.19 Loss
0.01.20 Ordinary Resolution
0.01.21 PARTY
0.01.22 Person
0.01.23 Prime Rate
0.01.24 Special Resolution
0.01.25 Unit(s)
0.02 Entire Agreement
0.03 Applicable Law
0.04 Non-Compliance
0.04.01 Severability
0.04.02 Substitute Provision
0.05 Miscellaneous
0.05.01 Cumulative Rights
0.05.02 No Waiver
0.05.03 Time and Days
a) Time of the Essence
b) Computation of Time
c) Delays
0.05.04 Financial References
0.05.05 Cross-References
0.05.06 Gender and Number
0.05.07 Headings
0.05.08 Knowledge
0.05.09 Approval
0.05.10 Accounting Standards
1.00 FORMATION OF LIMITED PARTNERSHIP
1.01 Formation
1.01.01 Purpose
1.01.02 Contributions
1.02 Registration Declaration
1.02.01 Undertaking
1.02.02 Content of Declaration
1.03 Registration Renewal
1.04 Power of Attorney
1.05 Capital
1.06 Subscription
1.06.01 Procedure
1.06.02 Acceptance by GENERAL PARTNER
1.07 Registered Office
1.07.01 Address
1.07.02 Other Jurisdictions
1.08 Financial Year
2.00 RULES GOVERNING LIMITED PARTNERSHIP
2.01 Administration
2.01.01 Management of Limited Partnership
2.01.02 Powers of GENERAL PARTNER
2.02 Banking Matters
2.02.01 Bank Accounts
2.02.02 Authorized Signatories
2.02.03 Intermingling of Accounts
2.02.04 Loans
2.02.05 Use of Monetary Contributions
2.03 Corporate Records
2.03.01 Register of Units
2.03.02 Rights of Registered Holders
2.03.03 Other Documents
2.03.04 Access
2.04 Interest
2.05 Capital Account
2.06 Unit Certificates
2.06.01 Issue
2.06.02 Form
2.06.03 Replacement
2.06.04 Transfer of Units
2.07 Income and Losses
2.07.01 GENERAL PARTNER's Share
a) Income
b) Losses
2.07.02 LIMITED PARTNERS' Share
a) Income
b) Losses
2.07.03 Calculations
a) Accounting Purposes
b) Tax Purposes
2.07.04 Distribution of Profits
2.08 Rendering of Accounts
2.09 Financial Statements
2.09.01 Appointing Auditor
2.09.02 Accounting Standards
2.09.03 Declaration
2.09.04 Filing
2.10 Tax Deductions
2.11 New Issue of Units
2.12 Encumbrance
2.12.01 LIMITED PARTNERS
2.12.02 GENERAL PARTNER
2.13 By-Laws
2.14 Signatories
3.00 MUTUAL REPRESENTATIONS AND WARRANTIES
3.01 Status
3.02 Authority
3.03 Binding Agreement
3.04 Canadian Resident
3.05 Commission
3.06 Insurance
3.07 Nominee
3.08 Independent Legal Advice
3.09 Disclosure
3.10 Legal Proceedings
4.00 REPRESENTATIONS AND WARRANTIES OF GENERAL PARTNER
4.01 Resources
4.02 Limited Liability
4.03 Board of Directors
5.00 REPRESENTATIONS AND WARRANTIES OF LIMITED PARTNERS
5.01 Capacity
5.02 Activities
6.00 MUTUAL DUTIES AND OBLIGATIONS
6.01 Confidential Information
6.01.01 Undertaking
6.01.02 Duration of Undertaking
6.01.03 Penalty
6.02 Insurance
6.02.01 Insured Risks
6.02.02 Amount of Coverage
6.02.03 Insurer
6.02.04 Prior Notice
6.02.05 Additional Named Insured
6.02.06 Certificates of Insurance
6.02.07 Notice of Modification or Cancellation
6.03 Continuation of Representations and Warranties
6.04 Indemnification
6.04.01 Scope
6.04.02 Procedure
6.04.03 Third-Party Claim
6.04.04 Duration of Representations and Warranties
6.05 Further Assurances
7.00 DUTIES AND OBLIGATIONS OF GENERAL PARTNER
7.01 Powers and Duties
7.02 Expenses
7.02.01 Operating Budget
7.02.02 Additional Expenses
7.03 Rendering an Account
7.03.01 Annually
7.03.02 Urgent Basis
7.04 Advisory Committee
7.05 Liability
7.05.01 Towards Third Parties
7.05.02 Towards LIMITED PARTNERS
7.06 Indemnification of LIMITED PARTNERS
7.07 Conflicts of Interest
7.07.01 Disclosure
7.07.02 Competing Businesses
7.07.03 Related Person
7.08 Exclusivity
7.09 Contract
7.10 Duty of Diligence
7.11 Duty to Stay Informed
7.12 Contributions
8.00 LIMITED PARTNERS
8.01 Administration
8.02 Meetings
8.02.01 Annual Meeting
8.02.02 Special Meeting
8.02.03 Place of Meetings
8.02.04 Access
8.02.05 Proxies
a) Appointment
b) Notice
c) Validity
d) Models
8.03 Calling of Meetings
8.03.01 Notice of Meeting
8.03.02 Waiver of Right to Notice
8.03.03 Incomplete Notice
8.04 Procedure at Meetings
8.04.01 Quorum
8.04.02 Quorum Not Met
8.04.03 Second Adjournment
8.04.04 Ordinary Resolution
8.04.05 Voting Rights
8.04.06 Exercising Voting Rights
8.04.07 Special Resolution
8.04.08 Filing of Proxies
8.04.09 Chair
8.04.10 Procedure
8.04.11 Written Resolution
8.05 Advisory Committee
8.05.01 Creation and Role
8.05.02 Meetings
a) Limitation
b) Procedure at Meetings
8.06 Additional Contributions
8.07 Default with Regard to Contributions
8.07.01 Limited Liability
a) Limitation
b) Loss of Limited Liability
9.00 WITHDRAWAL FROM LIMITED PARTNERSHIP
9.01 Withdrawal of GENERAL PARTNER
9.01.01 Resignation
9.01.02 Removal
a) Meeting
b) Reasons
9.01.03 Replacement
9.01.04 Transition
a) Amendment to Agreement
b) Transfer of Knowledge
9.01.05 Termination of Rights
9.02 Withdrawal of LIMITED PARTNER
9.02.01 Resignation
a) Notice
b) Sale of Units
c) Limit to Right to Purchase
d) Transfer Restriction
9.02.02 Forced Withdrawal
9.02.03 General Rule
10.00 THIRD-PARTY OFFER TO PURCHASE
10.01 Application
10.02 Validity of Offer
10.03 Notice of Acceptance and Disclosure of Third-Party Offer
10.04 Reply of Other LIMITED PARTNER
10.04.01 Notice of Intent
10.04.02 Final Notice
10.05 Amendment to Offer
11.00 DEATH OF A PARTNER
11.01 Death of GENERAL PARTNER
11.01.01 Notice of Death
11.01.02 No Other GENERAL PARTNER
11.02 Death of a LIMITED PARTNER
11.02.01 Effect
11.02.02 Deemed Sale
11.02.03 Payment
a) Price
b) Insurance Proceeds
i) Sufficient Proceeds
ii) Insufficient Proceeds
11.02.04 Two Deaths
11.02.05 Protection of Estate
a) Share of Distributable Net Income
b) Indemnification
c) Release
d) Precedence
12.00 VALUATION OF UNITS
12.01 Initial Value
12.02 Valuation Method
12.03 Regular Reassessment
12.03.01 Procedure
12.03.02 Dissent
12.04 Sale of Units
12.05 Prohibition
12.06 Tax Authorities
12.06.01 Liability
12.06.02 Options
12.06.03 Limitations
13.00 FINANCING
13.01 Life Insurance Policies
13.01.01 Initial Policy
13.01.02 Additional Policies
13.02 Duties of LIMITED PARTNERS
13.02.01 Payment of Premiums
13.02.02 Prohibition
13.02.03 Additional Protection
13.02.04 Change to Insurance Coverage
13.02.05 Sale upon Death
a) No Insurance Proceeds
b) Ownership of Excess Amounts
13.03 Sale of Units
13.04 End of Agreement
14.00 DEPOSITARY
14.01 Appointment
14.02 Duties
14.02.01 Custody
14.02.02 Compliance
14.02.03 Liability
14.03 End of Agreement
15.00 SPECIAL PROVISIONS
15.01 Assignment
15.01.01 Prohibition
15.01.02 Reasonable Cause
15.01.03 Effect of Breach
15.01.04 Exception
15.02 Force Majeure
15.02.01 Limitation on Liability
15.02.02 Duty
15.02.03 Right of Other PARTY
15.03 Relationship Between the PARTIES
15.04 Remedies
15.04.01 Choice
15.04.02 No Limitations
16.00 GENERAL PROVISIONS
16.01 Notice
16.02 Dispute Resolution
16.02.01 Good Faith Negotiations
a) Written Notice
b) Meeting
c) Legal Proceedings
d) Protective Measures
16.02.02 Mediation
a) Process
b) Settlement
c) Arbitration
16.02.03 Arbitration
a) Notice
b) Reply
c) Appointment of a Third Arbitrator
d) Subcontracts
e) Confidentiality
f) Hearing
g) Ruling
h) Costs
i) Supplementary Rules
16.03 Choice of Forum
16.04 Counterparts
16.05 Amendment
16.06 No Waiver of Rights
16.07 Electronic Transmission
16.08 Language
17.00 TERMINATION
17.01 Without Notice
17.01.01 Events of Default
17.01.02 Exceptions
17.02 Liquidation of Limited Partnership
17.02.01 Liquidator
17.02.02 Duties
a) Liquidation and Distribution
b) Powers
17.02.03 Remuneration
17.02.04 Obligations of Liquidator
18.00 EFFECTIVE DATE
19.00 DURATION
19.01 Initial Term
19.02 Renewal
19.03 Survival
20.00 SCOPE

SCHEDULE A – EXCERPT OF A RESOLUTION OF GENERAL PARTNER
SCHEDULE B – EXCERPT OF A RESOLUTION OF LIMITED PARTNER 1
SCHEDULE C – EXCERPT OF A RESOLUTION OF LIMITED PARTNER 2
SCHEDULE 1.01.02 – CONTRIBUTIONS
SCHEDULE 1.06.01 – SUBSCRIPTION FOR UNITS
SCHEDULE 2.06.02 – UNIT CERTIFICATE (TEMPLATE)
SCHEDULE 12.01 – INITIAL VALUE OF UNITS
SCHEDULE 12.02 – VALUATION METHOD
SCHEDULE 13.01.01 – LIFE INSURANCE POLICIES
SCHEDULE 14.01 – INTERVENTION OF DEPOSITARY