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Use this template to prepare a Partnership Agreement specifically for use in the Province of Ontario, Canada. Provisions of the agreement include: New partners may only be admitted with the unanimous approval of the founding partners. Profits and losses, and income and losses for income tax purposes, will be allocated among the partner in proportion to their respective interests. If the earnings of the partnership are not sufficient to pay its debts and liabilities, the partners will make up the difference in proportion to their respective interests. If any partner is required to pay more than its share due to default on the part of another partner, the first partner will have a lien and charge against the income account of the defaulting partner. The business of the partnership will be managed by a managing committee appointed by the partners. If a partner withdraws from the partnership, its interest will be distributed pro rata among the remaining partners. This is a Canadian legal document in MS Word format.