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5 things to know about partnership agreement number one the partnership agreement includes the original agreement and any modifications the modifications must be agreed to by all Partners or adopted in any other manner provided by the partnership agreement number two the partnership agreement or modifications can be oral or written number three Partners can modify the partnership agreement for a particular tax year after the close of the year but not later than the date for filing the partnership written for that year this filing date does not include any extension of time number four if the partnership agreement or any modification is silent on any matter the provisions of local law are treated as part of the agreement number five per section 704a A partners distributive share of income gain loss deduction or credit shall be determined by the partnership agreement