Partnership Partner Names Considerations

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.

There is no specified procedure required to handle changes in your partnership agreement when membership changes. The overriding factor is that there should be documentation in your club records along with your agreement that:

  1. Members were added or removed following the terms specified in your partnership agreement and Operating Procedures.

  2. Members who have withdrawn were provided with documentation that clarifies that they were no longer active members of the partnership as of a certain date. A copy of this notification should be kept along with their written request to withdraw.

  3. New members should be added to and sign the signature page of your partnership agreement. This should be be kept in the club records along with your partnership agreement. Their signature page should also indicate that they have received a copy of the club Partnership Agreement and Operating Procedures and that they understand them.

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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.