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.

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