Adding and removing members
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Adding and removing members Laurie, Under the bivio Partnership Adding Members Considerations it says: Your partnership agreement is an agreement between the people listed on the signature page to conduct the business of the group in a specific manner. If this list changes, legally, the partnership is dissolved and a new partnership is formed which requires a new agreement between the new partners. You need to make sure old partners are removed from the agreement and new partners are added. On 10/12/2015 I think you answered the question of adding and losing partners a bit differently. 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. Laurie Frederiksen Invest with your friends! www.bivio.com Here is the embedded link in the above text. iras1 on 09/27/2008 That's essentially the wording that my club uses. Ira Smilovitz In a message dated 9/27/2008 8:58:18 PM Eastern Daylight Time, ricej1969@bivio.com writes: My club is adding our first new member and I have created an addendum for him to sign so that the current members do not have to resign the original agreement. Can I have some feedback on the wording of this document? Here it is. ADDENDUM TO THE ABODI INVESTMENT CLUB PARTNERSHIP AGREEMENT By signing this addendum, [NAME] , is accepted as a member in the ABODI Investment Club with all the rights and privileges thereof. [NAME] also agrees to abide by all the rules outlined in the ABODI Investment Club Partnership Agreement and Operational Procedures. _________________________ _______________ Name Date Our members have two questions. Why do you now say this is a dissolution of the partnership and not just an amendment of the partnership agreement? Why, if this is a dissolution of the partnership, does the partnership NOT have to close the books, file a final tax return, and reopen as the new partnership? And how should we handle this portion of our PA? Bob Shaw Classic Strategy Investment Club
Laurie, Laurie, From a wise long-term friend in the McLean House Investment Club (formed 22 years ago): "Our Partnership Agreement was drawn up to be a entity that would continue "from year to year unless earlier terminated as hereinafter provided." Furthermore, the Agreement specifically allows for removal and withdrawal of partners and states that "additional partners may be admitted at any given time." The Better Investing website states we can amend the original agreement at any time (which we have done) and it still touts the model of one of its founding members as the model for new clubs to follow. In addition, the sample partnership agreement put online by iclub.com and updated as of October 2018 has language very similar to ours." This seems to me to obviate the legal need for redoing the agreement that you are describing (an obvious pain-in-the-tush for most clubs). Jim P.S. If the iclub.com link is not 'live', the actual link is: https://www.iclub.com
On Mon, Apr 29, 2019 at 10:42 AM Jim Snow <jimsnow@verizon.net> wrote:
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