I would just keep the letter from your former partner as proof that she
willingly retired from your group.
A rider can be as simple as a separate document that makes reference to your
existing partnership agreement. Call it attachment A and then reference the
new member (date,time,person) to the actual partnership agreement, and state
that new member agrees to all existing partnership policies and procedures
...as stated in preexisting 'original' partnership agreement..dated
(whatever date your club launched.

JM




-----Original Message-----
From: Jennifer Fillman [mailto:jfillman@bivio.com]
Sent: Wednesday, January 15, 2003 3:12 PM
To: club_cafe@bivio.com
Subject: club_cafe: Re: Adding a partner


Thank-you for your reply. The new member is not buying out
the old member. The old member withdrew about 8 months ago
and was "cashed out" according to the provisions in our
agreement. As I said, from a financial and accounting
perspective, everything is very clear. My question is how
to add the new member to the partnership agreement. The
original agreement has a signature page where all 10
original members signed. I like the idea of a rider for new
members and found an example of one on the internet. Do we
have to do anything with the old member to remove her from
the partnership? She notified us in writing as the
agreement requires, but we never had her sign any type of
rider removing herself from the partnership.



IraS1@aol.com wrote:
> In a message dated 01/15/03 10:41:34 AM Eastern Standard Time,
juan.mostek@kellogg.com writes:
>
>
>
> As to your specific situation it appears you have a new member buying out
an
>
> old member? There is a way to make this transaction happen in Bivio.
>
>
>
>
>
> You do NOT want to have a new member buy out an old member. This will
create accounting nightmares for the club. The correct procedure is to have
the old member withdraw and the new member join. All transactions are
between members and the club, not between members individually. The club
gives the old member the value s/he is entitled to (whether in stock or
cash) and the old members units are "canceled." Then the new member buys
into the club and purchases new units in whatever amount s/he desires
(consistent with the club's bylaws). If, by coincidence, the amounts are the
same, it will "look" like the new member bought out the old member, but in
reality they should be maintained as separate transactions.
>
>
>
> Ira Smilovitz