When a new partner is admitted, a new partnership agreement should be in place.

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When a new partner is admitted into a partnership, it is important to revise and update the partnership agreement to reflect any changes to the ownership structure, profit-sharing arrangements, decision-making processes, and other terms that may be affected by the new partner's participation. A new agreement can help ensure that all parties are clear about their rights and responsibilities and can prevent disputes or misunderstandings down the line.

When a New Partner Is Admitted, a New Partnership Agreement