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:

1. Determines your rights and obligations

2. Allocates risk

3. 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