General Partnership Agreement Template1 - Free Download | Page 3
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Section or other portion hereof, and include any and every instrument
supplemental or ancillary to or in implement hereof;
(c) “Business” means any business or businesses carried on by the Partnership as
may be deemed by the Partners to be in the best interest of the Partnership and
any other general business activities related or incidental thereto;
(d) “Effective Date” means October 1, 2003;
(e) “Fiscal Year” means June 1 to May 31;
(f) “Partner” means any one of X or Y or any other partner admitted pursuant to the
provisions of this Agreement, “Partners” means all of them, and the
“Partnership” means the partnership established by this Agreement; and
(g) “Person” means any individual, firm, corporation, partnership, joint venture,
trustee or trust, government or agency thereof, unincorporated association, or
other entity and pronouns have a similarly extended meaning.
1.2 Number and Gender.
Words importing the singular include the plural and vice versa and words importing
gender include all genders.
1.3 Governing Legislation.
Except as expressly stipulated in this Agreement to the contrary, the rights and
obligations of the Partners and the administration and termination of the Partnership shall be
governed by the Partnership Act (Ontario) (the “Act”) or any successor legislation or other
statute which may be passed to take the place of the Act or to amend same.
ARTICLE 2 – FORMATION OF PARTNERSHIP
Subject to the terms and conditions hereof, the parties hereto agree to carry on the
Business in partnership.
Subject to the provisions of this Agreement, the Partnership shall commence as of the
Effective Date and shall continue for a term ending on the earlier of:
(a) the date on which the Partnership is voluntarily dissolved by unanimous
agreement of the Partners; or
(b) the date on which the Partnership is dissolved by operation of law.