Partnerships
Prowse Chowne LLP’s lawyers are well versed with the intricacies of the partnership acts and also fully aware…
Partnerships
Prowse Chowne LLP’s lawyers are well versed with the intricacies of the partnership acts and also fully aware of Alberta’s own partnership act. Our corporate/commercial team has built solid relationships and partnered with many of Alberta’s small businesses. Thus, we are well aware of what goes into making a partnership successful. Keeping in mind all these factors, we provide legal advice in the following areas:
Structuring
Each partner is an agent of the firm and of his / her other partners for the purpose of the business of the partnership. The first thing while entering into a partnership is to figure out the roles and responsibilities of the parties entering into the contract. There are active partners, sleeping partners, nominal partners, etc.
At Prowse Chowne LLP, we simplify all the jargon and laws for you to form a perfect partnership.
Partnership Liabilities and Ways to Avoid Them
The liability of a partner generally depends upon the type of partnership. Each partner in a firm is jointly liable with other partners for debts and obligations of the firm incurred while that individual is a partner. In a normal partnership, the liability of a partner is unlimited and can extend up to his personal assets.
Limited liability does not make a partner individually liable. Understanding the impact of the law on the liability is important to avoid being swindled. We offer legal advice to clients on how the liability can be limited to a certain extent.
Partnership Disputes
In a partnership, disputes can arise between two or more partners. There may be an issue of disparity between contribution and remuneration or there is a possibility of a breakdown of trust and respect. These disputes can take the ugly face of a street fight and result in a war between the partners. This can lead to the deterioration of the firm and could also lead to it falling apart.
To manage these disputes, getting professional help is the best option. Prowse Chowne LLP provides solutions to such internal problems as well.
Dissolution of Partnerships including Buy-Sell Agreements
A partnership may be dissolved in the event of a dispute, expiration of the notice, death of a partner, the illegality of the partnership, an entry or exit of a partner or dissolution by the court. In case of such an event, there are numerous legal formalities to be taken care of and various guidelines to be followed. It has to be seen whether all the partners are gaining the perfect shares as decided in the contract and if there is a conflict arising out of it.
At Prowse Chowne LLP, we take care of all your dissolution formalities and mediations.
Tax Consequences
For any business, there are tax liabilities to be fulfilled. In the case of a partnership firm, there are a specific set of rules and regulations to be followed with respect to these liabilities.
Prowse Chowne LLP provides a complete solution and legal guidance for all types of partnership firms.
