11. DEATH. After the death of one of the two partners, the surviving partner has the right either to acquire the deceased`s shares in the partnership or to terminate the partnership activity and liquidate. If the surviving partner chooses to acquire the deceased`s shares, he or she must transmit this choice in writing to the executor or administrator of the deceased within three months of the death of the deceased or, if no legal representative has been appointed at the time of such election, to one of the legal heirs known to the deceased at the last known address of that heir. (a) where the surviving partner decides to acquire the deceased`s shares in the partnership, the purchase price corresponds to the deceased`s balance sheet at the time of his death, increased by the deceased`s balance sheet at the end of the preceding financial year, increased by his share of the share of the share of the social profit or reduced by his share in the social losses for the period beginning at the beginning of the financial year; during which his death occurred until the end of the calendar month in which his death occurred and decreased by withdrawals that were debited from his income account during that period. Commercial or corporate assets, trade names, patents or other intangible assets are not taken into account unless these assets were recorded in the partnership registers immediately before the death of the deceased; However, the beneficiary has the right to use the business name of the partnership. (b) Unless otherwise specified, the winding-up and asset allocation procedure of the twinning undertaking shall be the same as that set out in paragraph 10 with regard to voluntary termination. LawDepot`s partnership agreement allows you to create a complementary commercial company. A complementary company is a business structure involving two or more complementary companies that have created a profit business. Each partner is equally responsible for the debt and obligations of the company as well as the shares of the other partner.
After reading about the potential benefits of a partnership, you may be interested in setting up your own partnership in Malaysia. If this is the case or if you want to create another business unit in Malaysia, paul Hype Page & Co will make our best contribution. We will guide you through the foundation process. We are fermented so that your business is built in Malaysia in the simplest and smoothest way possible. Any group of individuals entering into a business partnership, whether it is family, friends or random acquaintances on the Internet, should invest in a partnership agreement. This agreement gives individuals greater control over how their partnerships are managed on a day-to-day basis and managed at a long-term strategic level. This agreement also allows you to anticipate and resolve potential business conflicts, prepare for certain business eventualities, and clearly define the responsibilities and expectations of partners. . . .