Adding or removing partners

Robert M Armour on

Our club is officially starting next Saturday and I am sure
I will have several questions as we go. My first question
regards the partnership agreement. We are starting with 23
members as of now and have a cap of 25. I am sure in the
beginning there will be a couple people that don't last
long. When it comes time to add or remove a member is it
necessary to draw up a complete new agreement and have all
the partners sign again or is it just possible to have some
kind of addendum that takes care of the new people?

Thanks,

Mike

iras1 on

I've heard that some states may require a newly signed PA, (but that may also be a misunderstanding). My club has new members sign a short letter that states that they have received a copy of the PA and agree to be bound by its terms. That letter is filed with the club's copy of the PA. Partners that leave indicate their intention by submitting a written letter of resignation. That letter is also filed with the club's copy of the PA.

Ira Smilovitz

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In a message dated 02/13/11 09:39:40 Eastern Standard Time, mike_armour@bivio.com writes:

Our club is officially starting next Saturday and I am sure
I will have several questions as we go. My first question
regards the partnership agreement. We are starting with 23
members as of now and have a cap of 25. I am sure in the
beginning there will be a couple people that don't last
long. When it comes time to add or remove a member is it
necessary to draw up a complete new agreement and have all
the partners sign again or is it just possible to have some
kind of addendum that takes care of the new people?

Thanks,

Mike

Mary Hess on

I belong to a model club that expects members to move on--generally in 3 years and because they are starting new clubs. Our partnership agreement requires that members submit their resignations in writing. The meeting after the resignation is submitted, the club votes on accepting the resignation. The next item of club business involves voting on whether to return their share of club assets with shares of stock or with cash or with a combination of the 2. A dispursements are made after the close of the month after the meeting--the value of their holdings being considered to be the value of their shares on the last day of the month. Our agreement also includes a statement that if someone misses 3 monthly meetings without payment of dues, they can be considered as having resigned with a vote of the club. In practice, our club president has been contacting them to let them know that they are missed and asking them what they would like to do.

Mary Ann Rentsch

--- On Sun, 2/13/11, Robert M Armour <mike_armour@bivio.com> wrote:

From: Robert M Armour <mike_armour@bivio.com>
Subject: club_cafe: Adding or removing partners
To: club_cafe@bivio.com
Date: Sunday, February 13, 2011, 9:39 AM

Our club is officially starting next Saturday and I am sure
I will have several questions as we go. My first question
regards the partnership agreement. We are starting with 23
members as of now and have a cap of 25. I am sure in the
beginning there will be a couple people that don't last
long. When it comes time to add or remove a member is it
necessary to draw up a complete new agreement and have all
the partners sign again or is it just possible to have some
kind of addendum that takes care of the new people?

Thanks,

Mike

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