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  • Changes in limited partnership

    New York

    I formed a limited partnership with 2 other people and we all signed documents.
    Now one wants to leave and one new person will join.

    How do we do that technically and legally? Do we need to have an attorney do that and all drafting? Is there some simple way to do it?

  • #2
    Re: Changes in limited partnership

    Change of partners may be done pursuant to Section 121-202 of the New York State Revised Limited Partnership Act. In this you may file Certificate of Amendment, together with filing fee to New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231. Generally filing fee for Certificate of Amendment is $60.

    AFF

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    • #3
      Re: Changes in limited partnership

      It is a very easy process.
      You don't really need legal help to do it but if your lawyer drafted the partnership agreement he might as well do the amendment as well.
      There is no sense in accidentally messing up his handiwork.

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      • #4
        Re: Changes in limited partnership

        Originally posted by daffy View Post
        New York

        I formed a limited partnership with 2 other people and we all signed documents.
        Now one wants to leave and one new person will join.

        How do we do that technically and legally? Do we need to have an attorney do that and all drafting? Is there some simple way to do it?
        Its worth the few hundred dollars to get it done right.
        Especially if there are possible disputes that could arise in the future.

        Comment


        • #5
          Also a LOT of sites now have great forms that you can use as a model when making such changes.

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