The Salaried Partnership Agreement is essential for professional service firms operating in Canada that wish to offer partnership status while maintaining a traditional employment relationship. This hybrid arrangement is commonly used as either a permanent position or a stepping stone to full equity partnership. The document is particularly relevant when firms need to attract and retain senior professionals while managing risk and capital investment. It must comply with Canadian federal and provincial legislation, including relevant Partnership Acts, Employment Standards Acts, and professional regulatory requirements. The agreement typically includes comprehensive terms covering partnership status, employment conditions, compensation structure, governance rights, professional obligations, and termination provisions, while addressing specific Canadian legal and tax implications of the salaried partnership model.
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1. Parties: Identification of the partnership entity and the incoming salaried partner
2. Background: Context of the agreement, including the partnership's nature and the basis for the salaried partnership arrangement
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Terms of appointment as a salaried partner and duration of the agreement
5. Partnership Status: Definition of the salaried partner's position and relationship to the partnership
6. Duties and Responsibilities: Specific roles, obligations, and expectations of the salaried partner
7. Compensation and Benefits: Details of salary, bonus structure, benefits, and any profit-sharing arrangements
8. Working Hours and Location: Expected working arrangements and place of work
9. Governance Rights: Voting rights and participation in partnership decisions
10. Professional Requirements: Professional standards, qualifications, and ongoing requirements
11. Confidentiality: Protection of partnership's confidential information
12. Intellectual Property: Ownership and rights regarding IP created during the partnership
13. Termination: Grounds and procedures for terminating the agreement
14. Post-Termination Obligations: Continuing duties and restrictions after termination
15. Governing Law: Applicable law and jurisdiction
16. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Equity Partnership Track: Include when there's a defined path to full equity partnership
2. International Work: Include when the role involves cross-border responsibilities
3. Client Development: Include when the role has specific business development requirements
4. Sabbatical Rights: Include when the partnership offers sabbatical programs
5. Retirement Benefits: Include when specific retirement arrangements are offered
6. Alternative Dispute Resolution: Include when parties prefer specific dispute resolution procedures
7. Garden Leave: Include when applicable to the partnership's jurisdiction and desired
8. Partnership Capital: Include if the salaried partner is required to contribute capital
1. Schedule A - Compensation Structure: Detailed breakdown of salary, bonus calculations, and profit-sharing formulae
2. Schedule B - Benefits Package: Comprehensive list of benefits and associated terms
3. Schedule C - Position Description: Detailed outline of role responsibilities and performance expectations
4. Schedule D - Partnership Policies: Key partnership policies applicable to the salaried partner
5. Schedule E - Restricted Clients: List of clients subject to non-solicitation restrictions
6. Appendix 1 - Professional Development Requirements: Specific continuing education and development obligations
7. Appendix 2 - Insurance Coverage: Details of professional indemnity and other insurance requirements
8. Appendix 3 - Office Locations: List of partnership offices and working locations
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Accounting and Audit
Management Consulting
Medical Practices
Architecture
Engineering
Financial Services
Professional Services
Real Estate
Insurance
Veterinary Services
Dental Practices
Relevant Teams
Legal
Human Resources
Finance
Operations
Professional Standards
Compliance
Risk Management
Executive Office
Partnership Board
Governance Committee
Relevant Roles
Senior Associate
Director
Principal
Managing Consultant
Senior Manager
Department Head
Practice Leader
Senior Professional
Lead Architect
Senior Engineer
Senior Attorney
Senior Accountant
Clinical Director
Senior Medical Practitioner
Senior Veterinarian
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