Limited partnership agreement: Sample template

While most startups choose to incorporate, some companies do create legal partnerships as a way to structure their business. Partnerships are a legal agreement between two or more parties.
Two types of partnership exist in Ontario:

  • Limited partnerships―some (“general”) partners manage the company and other (“limited”) partners contribute only financially. In this type of partnership, the extent of liability and profit-sharing varies and will have been defined contractually from the start
  • General partnerships―each partner shares the management and remains personally and legally liable for the company’s debts

Downloadable limited partnership agreement template

The partnership agreement will usually define the terms of the partnership and how the profit-sharing will work. A partnership is not a separate legal entity from its owners.

MaRS has created a sample template of a limited partnership agreement to help streamline business for investors, founders and their respective legal advisors. While MaRS makes this document available for educational purposes and to facilitate the negotiation of terms between investors and startups, the template is yours to use at your own risk. Please see the disclaimer below.

Download the Limited Partnership Agreement Template

See also: Sample template for a general partnership agreement


Disclaimer

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