Partnership Agreement Amendment Considerations
Your partnership agreement is meant to cover the fundamental rules your group will use to operate your club. A need to amend your partnership agreement will probably be rare. Specific aspects of your operations such as the day and time you'll hold your meetings are best included in your Operating Procedures rather than here.
There may, however, be times where you feel a fundamental change to this agreement is necessary. In those instances you will need to prepare and vote on an amendment. This paragraph in the agreement outlines the guidelines you will need to follow to pass any such changes.
An amendment should be numbered, include a reference to the section being amended, a reason for the change and the new wording which will be replacing the old. You should make reference to the meeting minutes which describe when the change was discussed and voted in. You should modify your partnership agreement signature page to note that the partnership agreement is in effect "As Amended on [DATE] with Amendment Number [REFERENCE NUMBER]". All currently active members of the club should sign it. The amendment should be kept with your club records wherever you keep the official copy of your partnership agreement.
Disclaimer: statements are opinions expressed by bivio Customer Support and are not official statements from any government agency. These statements are not intended to replace professional legal or accounting advice. When in doubt, follow the advice of your lawyer or accountant who is familiar with your particular circumstances and the laws of your state.