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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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Hello, We have a family partnership. In march 2012 we added an amendment to our partners

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We have a family partnership. In march 2012 we added an amendment to our partnership. That amendment described the duties and activities of each partner. however, all the partners agree that we would like to rescind the amendment entirely. INstead, we wish to hold a meeting, and within that meeting, we wish to appoint and approve each partners job title and duties.

How do we rescind the amendment. do we simply make a motion to rescind the amendment dated april 24, and then under new business, make a motion to appoint each partner to his or her new job and also describe general duties associated with that job?
Thank you. Katy
Submitted: 5 years ago via LawDepot.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Did you register or file the addendum with the state or county?
Customer: replied 5 years ago.
Expert:  MShore Law replied 5 years ago.
Thank you Katy, in this situation then the partners can draft an amendment and that amendment supersede the prior amendment to the extent to two are inconsistent. Once executed by the partners the new amendment would take effect and the former amendment no longer be binding. Please let me know if you need additional guidance.
Customer: replied 5 years ago.
OK. I understand that we must have another amendment to rescind and nullify the previous amendment. Are we then require to furnish both new amendments to the state or county?

Expert:  MShore Law replied 5 years ago.
no, you are not. It is an internal document.
Customer: replied 5 years ago.
Just to be clear.....we cannot rescind the amendment simply by holding a partnership meeting and voting to rescind it. It must be another amendment
Expert:  MShore Law replied 5 years ago.
You could do it verbally, but you should have some record of the vote at a minimum to document the vote so that should the old addendum ever attempt to be invoked there is evidence that it was invalidated.
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