Partnership Amendmendments

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What Is A Partnership Amendment?

A partnership amendment is an agreement between partners to make changes in the way they are doing business together. Whether it be changing how decisions are made or who can buy shares, a partnership amendment will allow for these changes to happen without the need of dissolving the company. 

A Partnership Amendment ensures that even if one partner decides to leave, their stake in the company can still continue on with others. It also protects your assets from being seized by creditors should you have any debts outside of your company’s dealings.  A Partnership Amendment does not require unanimous consent- just a majority vote among all current partners is needed before any amendments become official and binding.

Common Partnership Amendments

A partnership amendment can be defined as a change in the terms of an existing agreement. Partnership amendments often address the division of profits, responsibilities, and other details that arise during business dealings. A lawyer can advise you on what should be included in your partnership amendment to protect your interests both now and down the line. 

In most cases, this means amending the operating agreement of a federal or provincial corporation. It may also refer to amending the articles of incorporation or bylaws of the business. Lots has changed since your first partnership was formed and you need to make sure that your documents are up-to-date with current laws. Another common reason for filing a partnership amendment? One reason would be if there were changes made to your company’s name or address which needs to be reflected in all related legal documentation, such as filings with provincial and local municipalities and with banks and instiutions where you have interest.

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Amendments can be complex depending on the original agreement so its best to get a lawyer to help make changes according to common law.

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