The addition of a new partner will change the percentage of profits and losses for all partners. This adaptation is managed by Schedule 2 of the facts, which defines the share of profits and losses after the accession of the new partner and replaces the formulation of the original agreement. You need to review your original agreement to find the clause or timetable in which the incentive agreements are defined. The number of the clause or the reference of the calendar must then be inserted in Article 6 “Variation of the Partnership Agreement.” As a general rule, the more shareholders or partners involved in the business, the more negotiations, formalities and complications there will be. This may mean that an act of loyalty can lead to additional complications and that it may be more convenient and less costly to have a new shareholder or partner agreement. Proxies, transfers of assets and other valuables will generally be made by deed. The creation of an LLP or membership is also a situation in which an act is considered the most appropriate to demonstrate that persons identified as members intend to fully engage in the obligations and responsibilities of the company`s partners. You probably have everything you need on the legal side of things when it comes to connecting a new partner to a general partnership. The original partners would compensate the new partner for the losses incurred before entering the partnership. A copy of the original LLP agreement will be made available to the new member and will decide with existing members that they respect, implement and are bound by the existing provisions of the LLP agreement, as if the new member were one of the original members. If you are looking for a general partnership agreement or a loyalty agreement for a partnership, you should instead use our specific models for these, as LPPs are very different entities for partnerships. Simply put, when a company has existing shareholders or partners, it is important that a new shareholder or partner, when joining, accepts the terms of a shareholder contract or an existing partnership agreement.