The 51 49 Partnership Agreement is a specialized legal document used when two parties wish to form a partnership where one partner maintains majority control while the other retains significant minority interests. This agreement is particularly useful in situations where parties want to clearly define control structures while ensuring appropriate protections for the minority partner. The document is drafted in compliance with Canadian partnership laws and regulations, including relevant provincial Partnership Acts and federal legislation. It contains comprehensive provisions for partnership governance, capital structure, profit sharing, operational management, and dispute resolution mechanisms. The agreement is commonly used in business ventures where one party brings majority capital or expertise but requires substantial participation from a minority partner. It includes specific provisions for protecting both partners' interests while maintaining efficient decision-making processes and operational flexibility.
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1. Parties: Identification and details of the partners entering into the agreement
2. Background: Context of the partnership formation and partners' intentions
3. Definitions: Key terms used throughout the agreement
4. Partnership Formation: Establishment of the partnership, business purpose, and term
5. Capital Contributions: Initial and ongoing capital contributions of each partner
6. Ownership and Profit/Loss Sharing: 51/49 ownership structure and profit/loss allocation
7. Management and Control: Decision-making processes, voting rights, and management structure
8. Partner Rights and Obligations: Detailed responsibilities and rights of majority and minority partners
9. Business Operations: Day-to-day management, operating procedures, and business policies
10. Financial Management: Banking, accounting practices, and financial reporting requirements
11. Transfer Restrictions: Limitations on transfer of partnership interests
12. Exit Provisions: Process for partner withdrawal, buyout terms, and valuation methods
13. Dissolution: Circumstances and procedures for partnership dissolution
14. Governing Law: Applicable Canadian law and jurisdiction
15. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Non-Competition: Restrictions on partners competing with the partnership, used when partners have other business interests
2. Intellectual Property: IP ownership and usage rights, included when the partnership develops or uses significant IP
3. Insurance: Required insurance coverage, included when business activities require specific insurance
4. Dispute Resolution: Alternative dispute resolution procedures, recommended for complex partnerships
5. Tag-Along Rights: Minority partner protection in case of majority partner sale
6. Drag-Along Rights: Majority partner right to force minority partner participation in sale
7. Dead Lock Resolution: Procedures for resolving partner deadlocks, useful in strategic decisions
8. Additional Capital Calls: Procedures for requesting additional capital, included when future capital needs are anticipated
1. Schedule A - Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions
2. Schedule B - Business Plan: Initial business plan and strategic objectives
3. Schedule C - Valuation Methodology: Agreed methods for valuing partnership interests
4. Schedule D - Management Structure: Detailed organizational structure and management roles
5. Schedule E - Banking Arrangements: Authorized signatories and banking procedures
6. Appendix 1 - Partner Contact Information: Detailed contact information for all partners and key representatives
7. Appendix 2 - Required Approvals Matrix: Matrix showing approval requirements for different types of decisions
8. Appendix 3 - Financial Reporting Templates: Standard formats for required financial reports
Relevant legal definitions
Clauses
Relevant Industries
Technology
Real Estate
Manufacturing
Professional Services
Retail
Healthcare
Construction
Mining
Agriculture
Renewable Energy
Financial Services
Hospitality
Transportation
Media and Entertainment
Consulting
Relevant Teams
Legal
Corporate Development
Finance
Executive Leadership
Business Development
Risk Management
Compliance
Operations
Strategy
Mergers & Acquisitions
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Business Development Director
Legal Counsel
Corporate Lawyer
Managing Partner
Business Owner
Entrepreneur
Investment Manager
Operations Director
Strategic Partnership Manager
Risk Manager
Company Secretary
Joint Venture Manager
Corporate Development Manager
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