Building A Pharmacy Partnership In Ontario
If you are looking to form business partnerships with other Canadian pharmacies, it is vital for you to form a solid pharmacy partnership agreement. Essentially, a partnership agreement is a legal document that you and your partners sign in order to solidify the responsibilities, expectations, benefits, and restrictions of each party. Pharmacy partnership agreements are necessary to ensure that your interests, and that of your partners, are protected and aligned.
At MKLAW in Ontario, our pharmacy lawyers can help you draft a partnership agreement so that everyone involved in your partnership is not only on the same page, but is also legally bound to the contract. Each of our pharmacy attorneys have drafted, reviewed, and modified many business partnership agreements in the past, and have helped both corporate and independent pharmacies come together to form solid partnerships.
Here are some components that a pharmacy partnership agreement includes:
- Partnership name
- Names of the partners
- Effective date of the partnership
- Duties of each partner
- Limitations of each partner
- Dispute resolution tactics
- Profit shares for each partner
- Requirements or grounds for partnership dissolution
- Rules regarding partnership withdrawal
- Operation of partner’s share
- Other specific details you and your partners wish to include
For more information about forming a pharmacy partnership between existing pharmacies or about buying a pharmacy for sale in Ontario, please give us a call at 416-512-7400 or schedule a consultation with our pharmacy lawyers now.