Definition of Partnership for Tax Purposes
Definition of a Partnership According to section 2 of the Income Tax Act of 1967 (ITA 1967), the legal definition of a partnership is “any association of any kind between parties who have agreed to combine any of their rights, powers, property, labour, or skill for the purpose of carrying on a business and sharing […]
How does a Partnership Operate?
A partnership agreement is a legal agreement that dictates the Partnership’s operations. 合伙协议是合伙企业规定运作的一项法律协议。 While this is not mandatory by the Partnership Act 1961, avoiding a partnership agreement can lead to significant complications in the future. Contents in Partnership Agreement Since a formal agreement is not required, there is no clear list of what it should […]
Partnerships In Malaysia – Theory
Agreement An agreement between two (2) persons but not exceed twenty (20) persons to carry on a business in order to make a profit. 协议 两（2）人但不超过二十（20）人之间的协议，以开展业务，赚取利润为目的。 Unique features 特征 Advantages 优点 Disadvantages 缺点 In the absence of a Partnership Agreement According to the Partnership Act 1961, in the absence of a partnership agreement: 在没有合伙协议的情况下 根据《1961年合伙法令》，在没有合伙协议的情况下： […]
