Partnership Agreement Lawyers
Entering into a business partnership without a written agreement is a common and risky mistake. A clear, well-drafted partnership agreement lays the foundation for a strong working relationship by defining roles, responsibilities, profit-sharing arrangements, and what happens if things change.
At Spraggs Law, we help business partners across British Columbia establish legally sound agreements that protect both the partnership and the individuals behind it.
Whether you’re starting a new business or formalizing an existing arrangement, we’ll help you move forward with clarity and confidence.
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Partnership Agreements: What You Need to Know
A partnership agreement is a legal contract between two or more individuals (or entities) who operate a business together. While partnerships in BC can exist without a written agreement, relying on verbal understandings or informal arrangements can lead to misunderstandings, disputes, or even litigation down the road.
A written partnership agreement typically covers:
- Ownership percentages and capital contributions
- Division of profits and losses
- Decision-making authority
- Roles and responsibilities
- Procedures for dispute resolution
- What happens if a partner leaves, retires, or dies
Spraggs Law tailors each agreement to reflect your business model, industry, and long-term goals.
When Should You Create One?
The best time to create a partnership agreement is at the outset, before your business begins operations; however, it’s never too late to protect your interests. If your partnership is already up and running, a written agreement can still prevent future conflicts and clarify expectations.
What If You Don’t Have a Partnership Agreement?
Without a formal agreement, your partnership will default to the rules set out in the Partnership Act of British Columbia, which may not reflect your intentions. For example, all partners are presumed to share equally in profits and liabilities, regardless of how much they contributed or how responsibilities are divided. A custom agreement lets you take control of these terms.
How Spraggs Law Can Help
Our team assists clients with:
- Drafting new partnership agreements
- Reviewing and updating existing agreements
- Advising on risk management and dispute clauses
- Aligning the agreement with your incorporation, tax, or succession plans
We work with entrepreneurs, professionals, private sector, and family-run businesses throughout British Columbia to ensure their partnerships are built on solid legal ground.
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Why Work With Spraggs Law?
Your business partnership deserves more than a handshake. At Spraggs Law, we bring practical legal insight and a personalized approach to every agreement we draft.
Located in Coquitlam, we support clients throughout BC with straightforward legal solutions that protect your investment and your working relationships.
If you have a question about Partnership Agreements, Spraggs can help. Contact us now to explore your business’s legal options.
