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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11564
Experience:  30 years as a practising solicitor.
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Amending a partnership agreement-Does this require consent

Customer Question

Amending a partnership agreement-Does this require consent of all the partners?Some are suggesting that green socks Clause should be included in the partnership agreement, but not agree
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
A variation of a partnership agreement requires the consent of all partners unless the agreement provides that a particular partner or group of partners may do so without reference to the others.
Typically the addition of an expulsion clause would require unanimous agreement.
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Customer: replied 2 years ago.

Thank you for the explanation. 1 partner who is due to retire in a year or two have slightly different views to others regarding changes to the agreement for new partners. I feel green socks clause is oppressive and have expressed my views. I have rated the reply as excellent due to it being very useful to the point and clear

Expert:  JGM replied 2 years ago.
Thank you. I tend to agree with you in that the clause in isolation is oppressive. It should only be used in the event that a partner commits some kind of offence or breach.