It’s always good to review your partnership agreement every 5 -10 years, or when something important happens e.g. purchase of new land, change in structure, or death of a partner.
The tax law changes all of time and it’s important to make sure that the partnership is tax efficient. In addition, you should try to ensure that any changes are picked up in writing. Otherwise it can cause problems in the future, where the partners are relying on verbal discussions and understanding between themselves rather than written agreements. Often recollections fade with time and this can be costly when there is a dispute. A robust partnership agreement should mean that everything is clear from the outset, saving you anxiety and money.