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This document is a comprehensive Partnership Agreement Drafting Checklist tailored for commercial enterprises operating in North America (United States and Canada). It serves as a structured 33-point decision framework for partners and legal counsel to define core operational, legal, financial, and governance parameters before drafting a binding Partnership Agreement.
Key areas covered include entity structure (GP, LLP, LP, LLLP), capital contributions and dilution mechanics, profit/loss allocations and drawing accounts, fiduciary duties and management governance, non-competition and IP ownership, buy-sell exit mechanisms (ROFR, tag-along/drag-along, shotgun clauses), multi-tiered dispute resolution, and legal counsel sign-off procedures.
This document is a comprehensive Partnership Agreement Drafting Checklist tailored for commercial enterprises operating in North America (United States and Canada). It serves as a structured 33-point decision framework for partners and legal counsel to define core operational, legal, financial, and governance parameters before drafting a binding Partnership Agreement.
Key areas covered include entity structure (GP, LLP, LP, LLLP), capital contributions and dilution mechanics, profit/loss allocations and drawing accounts, fiduciary duties and management governance, non-competition and IP ownership, buy-sell exit mechanisms (ROFR, tag-along/drag-along, shotgun clauses), multi-tiered dispute resolution, and legal counsel sign-off procedures.