Shaher yar 02 June 2024

Partnership agreement

A partnership agreement is drafted incorporating all the clauses in detail in about 30 pages . It also provides for addition of new partners. If new partners are added to do we need to make a full fledged PARTNERSHIP agreement of 30 pages or we can make a simple agreement of 1 or 2 pages stating that the new partner agrees to all the conditions mentioned in first Partnership Agreement? Will such agreement be legally valid?

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Quick Summary

This discussion explores the legal validity of adding new partners to an existing, comprehensive 30-page partnership agreement. The core question is whether a short, 1-2 page addendum, referencing the original agreement, is sufficient, or if a full, new agreement is required. Legal advice suggests that a reconstitution of the partnership deed, signed by all partners including the new one, is necessary, and consulting a local lawyer is highly recommended for clarity on terms, especially regarding the induction of new partners.

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kavksatyanarayana (subregistrar/supdt.(retired)) 02 June 2024

Reconstitution of the Partnership deed shall be executed by all the partners including the incoming partner under the terms and conditions of the original partnership deed.

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