Partnership Management Considerations
Your club will decide how it will make decisions. Many clubs let each member have an equal vote. Others make decisions weighted by each members ownership percentage in the club. The wording shown here allows you either option. In general, most clubs allow each member an equal vote. Clubs that allow the option for a call for a vote by percentage of ownership rarely use it.
Specifics of your operations which might need to be adjusted more frequently are usually detailed in a separate document from your partnership agreement called Operating Procedures. They would include things like which officers your club will have and what their specific duties will be.
Clubs usually make Operating Procedures easier to amend than the partnership agreement. This paragraph allows them to be changed by a simple majority of members present at a meeting where you have met the requirements to discuss club business.
The procedure you will use if you need to amend the partnership agreement is described in paragraph 26.
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.