Everything you need to know about getting a Partnership Agreement over Goodlawyer.
- What is a Partnership Agreement?
- Pricing and Scope
- What is the Process?
- Why does my business need these documents?
- Frequently Asked Questions
- Book your Partnership Agreement
What’s a Partnership Agreement?
A Partnership Agreement governs a specific partnership between multiple parties by defining the responsibilities and contributions of each partner. Partnerships are typically used when a corporation is not a suitable business vehicle. Some examples include law firms, accounting firms, or when the parties of the partnership are already their own corporations. These are critical documents for ventures that have robust partnership programs because they address and mitigate the known and unknown risks of each deal upfront. When a Partnership Agreement is in place, all partners have a clear and thorough understanding of how the partnership operates and the consequences of not living up to their end of the bargain.
The key clauses of a Partnership Agreement establish who the partners are, what they will contribute, how profits will be shared, how to resolve conflicts, and how to dissolve the partnership. Your Good Lawyer can help you establish all these terms and more so that your partnerships will have a reliable blueprint to follow as your company grows.
Pricing and scope
$720 + Tax
- $600 Legal fee
- $120 Service fee
- This price is based on a basic Partnership Agreement and is subject to additional fees if your matter is more complex. Your lawyer will always clarify any additional costs for your approval
- Project kick-off call to gather information, advise you, and answer questions
- One custom Partnership Agreement
- One round of minor revisions
- More than one Partnership Agreement
- Additional work or questions following the delivery of the Partnership Agreement
- Major revisions or rewriting of the Partnership Agreement throughout, or after the project
Your lawyer may recommend additional services on or after your call. Your approval for any additional work is always required and you will never be billed for services you didn't agree to.
What’s the process?
- Book a call. Pick a time to kick-off the project and discuss your Partnership Agreement with a Good Lawyer.
- Design your Agreement. Your lawyer will collect all the necessary information to draft your Partnership Agreement.
- Revise the Agreement. You might have to negotiate with your partners on the agreement. The first instance of the agreement is often not the final document, especially if other founders are exercising their right to seek independent legal advice.
- Finalize your Agreement. Once all the negotiations are settled, you’ll get one round of revisions before your lawyer finalizes and sends you a digital copy of your new Partnership Agreement ready to sign.
Why use a Partnership Agreement?
Avoid future conflicts.
Drafting and signing a Partnership Agreement before starting the partnership is critical. If there is conflict at any point, the Partnership Agreement will provide a mutually agreed upon structure to resolve it.
Establish contribution value.
Each partner generally contributes something unique to the partnership, whether it’s cash, capital, discounts, or time. Partnership Agreements establish the value of these contributions and relate them to the ownership of profits and more.
Outline key processes.
Partnership Agreements can be used to describe the key management procedures of the partnership. This can include things like who has the authority to hire and fire employees, what happens to the business when a partner leaves, and where cash will be kept.
Frequently Asked Questions
How long do Partnership Agreements take to draft?
Typically, from the time of your kick-off call you can expect to have your final Partnership Agreement within 2 weeks. It could take a bit longer if your needs are atypical, negotiations are complex, a trust is involved, or if any partners are exercising their right to seek independent legal advice.
Do I need anything else?
Maybe. Starting a business properly can require a lot of legal work upfront. Talk to your lawyer if you aren’t sure what you need and they will identify if you are missing anything important for the stage your business is currently at.
Can I use a Partnership Agreement I found online or a template?
It’s extremely difficult to find a reliable template for a Partnership Agreement online because the relationships involved are often complex and always unique. With that being said, they can act as a conversation starter around the key points of the future agreement.
Do I need a lawyer in my province?
Generally, no, you don’t need a local lawyer to draft a Partnership Agreement. However, certain types of partnerships are regulated under provincial laws and a lawyer with local expertise might be required. If you book an out-of-province lawyer that determines you need someone with local expertise, Goodlawyer can set you up with a local lawyer ready to help.
Will I be able to communicate with my lawyer after the kickoff call?
Yes, absolutely. You can use the Goodlawyer platform to send messages and files. If substantially more communication is needed, your lawyer may request another call.
"We've used the Goodlawyer platform to speak to and work with a handful of lawyers already. They have all been exceptionally responsive, helpful, and knowledgeable in their respective areas and we plan to continue working with them. Goodlawyer is a must-have service for any small business!"
AKP Solutions, February 2021 — 5-Star Google Review
Start your new partnership on the right foot.
Your lawyer will assess your situation and make sure this is the correct service for your needs.
Still have some questions?