The Family Limited Partnership Agreement is a sophisticated legal instrument used in Canadian business and estate planning to create a controlled environment for family wealth management and business succession. This document becomes essential when families seek to consolidate assets, minimize estate tax exposure, and create an efficient structure for intergenerational wealth transfer. The agreement typically includes detailed provisions for partnership governance, asset protection, distribution policies, and transfer restrictions, all while maintaining compliance with provincial partnership laws and federal tax regulations. Family Limited Partnership Agreements are particularly valuable for families with significant business interests, real estate holdings, or investment portfolios who want to maintain centralized control while gradually transferring economic benefits to younger generations. The document must carefully balance the authority of general partners (who maintain control) with the rights of limited partners (who typically hold economic interests but limited management rights).
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identifies all initial partners, distinguishing between general and limited partners, including their full legal names and addresses
2. Background: Sets out the context for forming the family limited partnership, including the family's objectives and purpose of the partnership
3. Definitions: Defines key terms used throughout the agreement, including Partnership Interest, Family Member, Transfer, etc.
4. Formation and Name: Establishes the partnership, its name, purpose, and principal place of business
5. Capital Contributions: Details initial and any required future capital contributions from all partners
6. Allocations and Distributions: Specifies how profits, losses, and cash distributions will be allocated among partners
7. Management and Control: Outlines management structure, voting rights, and decision-making processes
8. Rights and Obligations of Partners: Details the specific rights, powers, and obligations of both general and limited partners
9. Transfer Restrictions: Sets forth restrictions on transferring partnership interests and right of first refusal provisions
10. Admission of New Partners: Procedures for admitting new partners, particularly family members
11. Withdrawal and Removal: Processes for partner withdrawal, removal, and corresponding valuation methods
12. Dissolution and Liquidation: Circumstances triggering dissolution and procedures for winding up the partnership
13. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Family Council: Creates a family governance structure for major decisions - useful for larger family partnerships
2. Succession Planning: Detailed provisions for generational transfer of partnership interests - important for long-term family planning
3. Dispute Resolution: Specific procedures for resolving family disputes - recommended for larger family groups
4. Employment of Family Members: Rules regarding family member employment in partnership operations - relevant if partnership operates active business
5. Family Values and Mission: Statement of family values and mission - useful for maintaining family legacy
6. Tax Planning Provisions: Specific provisions for tax optimization - necessary if tax planning is a major objective
7. Insurance Requirements: Provisions requiring life or key person insurance - important if partnership has significant debt or key person risks
1. Schedule A - Initial Capital Contributions: Detailed list of all initial capital contributions, including valuations of any non-cash assets
2. Schedule B - Partnership Interests: Current ownership percentages and classes of partnership interests
3. Schedule C - Initial Assets: Comprehensive list and description of all assets initially transferred to the partnership
4. Schedule D - Valuation Methodology: Agreed-upon methods for valuing partnership interests for various transfer events
5. Schedule E - Family Members: List of recognized family members eligible for certain rights under the agreement
6. Appendix 1 - Transfer Notice Form: Standard form for notifying partners of intended transfers
7. Appendix 2 - Accession Agreement: Template agreement for new partners joining the partnership
Find the exact document you need
Trading Partner Agreement
A Canadian-law governed agreement establishing terms and conditions for ongoing trading relationships between business partners.
Download
Alliance Agreement
A Canadian-law governed agreement establishing strategic partnership terms between organizations, including collaboration frameworks and mutual obligations.
Download
Website Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for website partnership arrangements, including operations, revenue sharing, and compliance requirements.
Download
Influencer Collaboration Agreement
A Canadian-law governed agreement establishing terms between brands and social media influencers for content creation and marketing collaboration.
Download
Non Profit Organization Partnership Agreement
A Canadian-law governed agreement establishing a formal partnership between non-profit organizations, defining their collaborative framework and mutual obligations.
Download
Organization Partnership Agreement
A Canadian-law governed agreement establishing and regulating a business partnership, defining partners' rights, responsibilities, and operational framework.
Download
Budget Partnership Agreement
A Canadian-law governed agreement establishing financial collaboration framework between partners, including budget allocation and management processes.
Download
Social Media Collaboration Agreement
Canadian-law governed agreement establishing terms for social media collaboration, including content, compensation, and compliance requirements.
Download
Venture Capital Partnership Agreement
A Canadian-law governed agreement establishing the terms and structure of a venture capital partnership, defining relationships between general and limited partners.
Download
Simple Collaboration Agreement
A Canadian law-governed agreement establishing terms for parties to collaborate on specific projects while maintaining their independence.
Download
Domestic Partnership Letter
A Canadian legal document declaring and establishing a domestic partnership between two individuals for benefits, insurance, and legal purposes.
Download
Salaried Partnership Agreement
A Canadian law-governed agreement establishing the terms and conditions for a salaried partner's position within a professional partnership, including rights, duties, and compensation.
Download
Social Media Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for social media collaboration between partners, including content creation, posting requirements, and compliance matters.
Download
Partnership License Agreement
A Canadian-law governed agreement establishing both partnership and licensing arrangements between parties, combining collaborative business relationship with specific licensing rights.
Download
Partnership Agreement For Restaurant Business
A Canadian legal agreement establishing a partnership structure for restaurant business operations, outlining partners' rights, responsibilities, and operational guidelines under federal and provincial laws.
Download
Memorandum Of Understanding For Business Partnership
A non-binding preliminary agreement outlining proposed terms and conditions for business partnership formation under Canadian law.
Download
Legal Partnership Agreement
A Canadian-law governed agreement establishing the terms and conditions of a business partnership, including partner rights, responsibilities, and operational framework.
Download
Formal Partnership Agreement
A Canadian legal agreement establishing a formal partnership between two or more parties, outlining rights, responsibilities, and operational framework under federal and provincial laws.
Download
Collaboration Partnership Agreement
A Canadian law-governed agreement establishing terms and conditions for collaborative partnerships between multiple parties, including scope, responsibilities, and resource commitments.
Download
Vacation Home Partnership Agreement
A Canadian legal agreement establishing terms and conditions for shared ownership and management of a vacation property between multiple co-owners.
Download
Temporary Partnership Agreement
A Canadian-law governed agreement establishing a temporary partnership between parties, defining terms, duration, and partnership obligations.
Download
Technology Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for technology partnership between multiple parties, including IP rights, data protection, and operational frameworks.
Download
Sweat Equity Partnership Agreement
A Canadian-law governed agreement establishing terms for converting work contribution into business ownership rights, including equity allocation and performance requirements.
Download
Strategic Alliance Partnership Agreement
A Canadian-law governed agreement establishing a strategic partnership between organizations, defining terms for collaboration and mutual growth.
Download
Startup Partnership Agreement
A Canadian-law governed agreement establishing the framework for startup partnerships, defining ownership, responsibilities, and operational structure.
Download
Software Partnership Agreement
A Canadian-law governed agreement establishing partnership terms for software development, distribution, or maintenance between multiple entities.
Download
Software Partner Agreement
A Canadian-law governed agreement establishing partnership terms between software providers and their business partners for software distribution and implementation.
Download
Sponsorship Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for sponsorship relationships, including rights, obligations, and commercial terms between sponsors and sponsored parties.
Download
Shareholders Agreement Joint Venture
Canadian-law governed agreement establishing shareholder relationships and governance structure in a joint venture, defining rights, obligations, and operational parameters.
Download
Simple Partnership Dissolution Agreement
A Canadian legal document that formally terminates a partnership and outlines the terms for distributing assets, settling liabilities, and releasing partners from future claims.
Download
Simple Limited Partnership Agreement
A Canadian legal agreement establishing a limited partnership structure between managing general partners and passive limited partner investors, defining their rights, obligations, and business relationships.
Download
Revenue Share Partnership Agreement
A Canadian legal agreement establishing terms for partnership revenue sharing, compliant with federal and provincial partnership laws.
Download
Sales Cooperation Agreement
A Canadian-law governed agreement establishing terms for cooperative sales arrangements between parties, including revenue sharing and territorial rights.
Download
Real Estate Limited Partnership Agreement
A Canadian law-governed agreement establishing a limited partnership structure for real estate investment, defining partner relationships, operational terms, and compliance requirements.
Download
Real Estate Joint Venture Agreement
A Canadian-law governed agreement establishing a joint venture between parties for real estate development, investment, or management purposes.
Download
Profit And Loss Partnership Agreement
A Canadian-law governed agreement establishing terms, conditions, and profit/loss sharing arrangements between business partners.
Download
Product Partnership Agreement
A Canadian-law governed agreement establishing terms for product-related business partnerships, including development, manufacturing, and distribution rights and obligations.
Download
Preferred Partnership Agreement
A Canadian legal agreement establishing a partnership structure with preferred and general partners, defining rights, obligations, and profit distribution priorities.
Download
Preferred Partner Agreement
Canadian-law governed agreement establishing a preferred partnership relationship between entities, defining partnership terms and mutual obligations.
Download
Pre Partnership Agreement
A Canadian legal document establishing the framework and conditions for forming a future partnership, governed by federal and provincial partnership laws.
Download
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)