If you are thinking of starting a business that will have more than one owner, the form of business structure you are likely considering is a general partnership. In a general partnership, who will need to fill out a Partership agreement/contract.
You may be asking yourself what is the purpose of a contract? Well, a contract serves 3 main purposes:
- Determines your rights and obligations
- Allocates risk
- Provides a legal framework that acts as guidelines in the case when a party breaches a responsibility mentioned in the contract.
For more information on contracts please click on the link below.
Source: The Business Link (Government of Alberta)
Last revision on December 23, 2008