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When amending an agreement, can the parties individually initial the changes without all being physically present?
Anonymous6 views3 answers
For example, I want to amend an operating agreement with my co-founders. However, we are all located in different cities in Texas, so the best thing would be to each initial the amendment to the document and then send it electronically to the others for initialing. Will it be considered valid?
This generally isn't an issue and It's not usually necessary to be in the same locations to amend an agreement. However, specific clauses in your current operating agreement may determine how changes to the agreement should take place. I would highly recommend finding an attorney to look over and oversee the process.
Good Luck.
Forget initialing. What you do is daftnup something entitled First Amendment to Operating Agreement and then recite the purposes of the amendment and the actual changes being adopted. This document Woukd then be circulatedmtomall member's who can sign counterparts and then send back to the collecting member to then put it in your corporate kit as the official memorialization of the member's wishes.
These sorts of things can be done. You should, however, have the assistance to an attorney. The two main reasons that occur to me are 1) Making sure the change is effective and 2) making sure the change has the intended effect. It is easy to make a change and not recognize all of the ramifications.
If you have a relationship with an attorney, this is the sort of thing they can help you with, with very little time and without much cost.
