Partnerships surviving a partner leaving..

Steve Licata on

My understanding is that a patnership usually dissolves when a partner leaves. How do we ensure that we can survive as a partnership when a partner leaves?
We are a CT club.

Mike Jones on

Investment clubs are established as partnerships and I suspect you may continue as long as at least two persons remain. Withdrawals and additions are recorded in your meeting minutes which become a legal documents of the partnership and allow the number of partners to fluctuate. We have had full withdrawals, deaths, new members, and expulsions over the years and have existed since 1996.

Mike Jones

Wall$treet Wannabees

Bloomington, MN

From: Steve Licata <slicata@msn.com>
To: club_cafe@bivio.com
Sent: Monday, October 12, 2015 10:11 AM
Subject: [club_cafe] Partnerships surviving a partner leaving..

My understanding is that a patnership usually dissolves when a partner leaves. How do we ensure that we can survive as a partnership when a partner leaves?
We are a CT club.

Laurie Frederiksen on

Dear Steve,

I'm not sure why you think that.

Sections 3 and 20 in our Sample Partnership Agreement cover the term and termination of the partnership. As long as all partners agree to these terms, the partnership will continue as long as the terms specify.

Sample Partnership Agreement

Laurie Frederiksen
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On Mon, Oct 12, 2015 at 11:11 AM, Steve Licata <slicata@msn.com> wrote:

My understanding is that a patnership usually dissolves when a partner leaves. How do we ensure that we can survive as a partnership when a partner leaves?
We are a CT club.

Laurie Frederiksen on

Dear Steve,

Most club handle members coming and going with addendums to their original partnership agreement.

When someone is added, they have them sign a form such as is discussed here:

https://www.bivio.com/club_cafe/mail-thread?p=75047300003#b_msg_75047300003

When someone leaves, the date of their withdrawal is recorded with the partnership agreement along with the meeting minutes where the withdrawal discussion was finalized and the members request for withdrawal.

On Mon, Oct 12, 2015 at 1:07 PM, Steve Licata <slicata@msn.com> wrote:

Would we just cross off the partner that left from the original agreement or have to draft a new one..Also I am assuming when we add new partner we need them to sign the agreement.. is that the original they sign or a new one..

Thanks,

Steve

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