change operating agreement of a partnership

[learnalways123]

is it permissible to amend the operating agreement of a partnership to include guaranteed payments 2(or X) years after its formation?
The reason being that initial years the partnership was not profitable but now it is?

 

[IamTheCasino]

as long as everyone in the partnership signs off on it.

All you gotta say is from "this date" profit sharing will be distributed in "this way." And then breakdown how it will be shared

Learnalways - 15%
IamtheCasino - 55%


etc

 

[tiddlywinks]

With unanimous approval and signatures, you can amend a partnership agreement at any time.
Check with your incorporation state and if applicable, foreign entity state(s) for proper filing requirements and/or fees.