One of the advantages of a partnership is that partnership revenues are taxed only once. The partnership`s revenues are distributed to the various partners, who are then taxed on the partnership`s revenues. This contrasts with a capital company in which revenues are taxed at two levels: first as an organization, then at the shareholder level, where shareholders are taxed on the dividends they receive. The initial partnership capital would be $1100,000 (one million, one hundred thousand dollars). Each partner contributes as follows to the capital of the partnership in cash, ownership or services in agreed value: with this agreement, the partners enter into a general partnership (the “partnership”) in accordance with the laws of the State of New York. The management of the transaction accounting of the partnership is retained by the partners of the partnership`s place of activity and can be processed at any time. Each partner is required to immediately and accurately report all transactions related to the partnership transaction. Partnership books are held in the partnership`s main office and are fully available to each partner. The books are kept on the basis of the fiscal year that begins on February and ends on February and are closed and balanced at the end of each fiscal year.
A review is conducted on the reference date. This partnership ends with the death, bankruptcy or incompetence of a partner. In this case, where the partnership has more than two partners, the remaining partners act as agents on behalf of the former partner and immediately resolve the partnership`s affairs, unless the remaining partners agree to continue the partnership`s activities. A liquidator or a similar third party who can acquire the shares of the separate partner in the partnership acquires only the economic rights and interests of that partner. Other rights are not acquired by the agent and the acquisition of the economic rights and interests of the participation of the separate partner is not an admission to the partnership. The agent has no voting rights and does not exercise any part of the management of the partnership. Value, trade name, patents or other intangible assets are not taken into account unless these assets were included in the company books immediately prior to the death of the deceased; However, the survivor has the right to use the commercial name of the partnership. Unless otherwise stated, the liquidation and asset allocation procedure of the company is the same as that indicated in the section on voluntary termination. A partnership agreement is a contract between two or more people who wish to manage and manage a joint venture to make a profit. Each partner shares a portion of the partnership`s profits and losses and each partner is personally responsible for the debts and obligations of the partnership. Partnership issues are determined by a majority, with votes cast in the same percentage as capital inflows.
(d) this agreement contains the entire agreement between the contracting parties. All negotiations and agreements have been included in this agreement. Statements or assurances that could have been made by one of the parties to this agreement during the negotiation phase of this agreement may, to some extent, be inconsistent with this final written agreement. All these statements are declared unvalescible in this agreement. Only the written terms of this agreement bind the contracting parties. A trade partnership agreement is a legal document signed between two or more parties (“partners”) who wish to enter into an activity agreement as a single entity.