GENERIC PARTNERSHIP AGREEMENT

The Partnership Agreement  |  No Agreement  |  Generic  |  Customized  |  Primary Components

Contact Neufeld Legal PC at 403-400-4092 or Chris@NeufeldLegal.com

A generic / boilerplate partnership agreement can prove extremely dangerous, especially when the partners are operating under a false presumption that they have adequate legal protections. It is extremely unfortunate that far too many people, lawyers included, believe that a single form of partnership agreement, with some possible minor modifications, could ever satisfy all forms of collaborative business enterprise. Yet the harsh reality is that most collaborative situations would benefit greatly from addressing their unique requirements, as opposed to falling into the legal trap of utilizing a generic partnership or joint venture agreement.

There are several key variants of the partnership agreement, and yet there is significant reliance on a single form of partnership agreement. This is somewhat preposterous and in turn leads to all too many problems down the road. For the fact is that each of the primary variation of collaborative business ownership and operations demands its own specific variant of a partnership agreement, with individualized negotiation thereof, such that the partners (investors) are capable of realizing more from their investment in the partnership.

The harsh reality is that in using a generic / boilerplate partnership agreement, whether obtained off of the Internet or drafted by a lawyer who fails to recognize the importance of skilled and customized drafting, is that the partners unknowingly are extremely vulnerable to tragic legal and financial consequences. And one of the more heart-wrenching facts in these tragic scenarios is that many of the partners had committed so much to the partnership's success, that when they are blind-sided by the inadequacy of their generic partnership agreeement, the repurcussions can be quite devastating [hence the significance of attaining a properly prepared and customized partnership agreement].

Legal counsel for partnerships and joint ventures therefore must facilitate the realization of optimal profits within a legal framework that lawful protects the business participants. This is essential to maximizing your Canadian partnerships and joint ventures, for it provides important assurances that will enable the business to move forward with confidence while limiting future infighting and breakdowns of the business relationship. For legal counsel as to your business partnership or joint venture, contact our law firm at Chris@NeufeldLegal.com or 403-400-4092 / 905-616-8864.

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