UPDATING OPERATING AND PARTNERSHIP AGREEMENTS
Business Transactions and Corporate Lawyer
When you have any sort of corporate restructuring, such as membership or other ownership changes – it is important to update your operating agreements to reflect those changes. Not doing so may result in your older operating agreement being obsolete and your company being left unprotected.
You can update your operating agreement or partnership agreement by either executing a new operating agreement, or adding an addendum to your existing operating agreement. The method you choose depends on what you intend on updating. For instance, if you are changing membership units, an Addendum with new signature pages may suffice. However, if you intend on changing the contract clauses within the agreement, a new operating agreement may be more prudent. Keep in mind that oftentimes an assignment should be executed when there are certain membership or ownership changes.
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