This partnership agreement (long form) outlines issues such as capital accounts, financial records, profits and losses, banking arrangements, future projects, time and salary, transfer of partnership interest, death, incompetency, withdrawal or bankruptcy, dissolution and arbitration. It is recommended that you and your partners reach an agreement on each of these issues. If you carry on business as a partnership without a partnership agreement in place, any disputes will automatically be governed by provincial legislation or state laws. If you have not read or forget what those terms are go to the free tutorial on Small Business Legal Structure.

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