partnership, australiaSay we start up as a partnership, with a partnership agreement we have written.
some time (days, months) down the line, we mutually decide we want to change the partnership agreement. perhaps change a clause, perhaps add or remove a partner. Perhaps we have made enough money that we can afford to hire a solicitor to write up a partnership agreement that is clear, ironclad and good.
So to do that we dissolve the partnership, payout everyone’s portion of the assets (or debts), create and sign, the new agreement, everyone pays back in their assets (possibly with some changes, but with the partnership getting back it’s non-cash assets whole), and we continue trading.
Is there anything that stops us doing this several times in the first year?
Are there issues with having a ABN? (Australian Bussiness number), or is the ABN just another asset: that we can temporary give out to the partners then have them give back?
This is in Western Australia
Your plan sounds insane. While it’s probably theoretically possible, why do you want to burden yourself with immense amount of paperwork, when all you really need is a partnership agreement that allows for changes? Does a law firm dissolve and lose all their clients each time they add a new partner?
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