Partnership Act 1961 (Act 135) [As at 1st October 2024]

Free shipping for orders over RM88.00
There are 25 products left
RM9.00 RM9.50 you save RM0.50

Partnership Act 1961 (Act 135)

[As at 1st October 2024]

An Act relating to partnership.

Detailed Contents of Partnership Act 1961 (Act 135) :

Malaysian law, known as the Partnership Act 1961 (Act 135), regulates the establishment, administration, and dissolution of partnerships there. The Act outlines the rights and obligations of partners as well as their duties to one another and to other parties. It also provides a framework for the formation and regulation of partnerships.

A partnership is defined by the Act as a company run by two or more people with the intention of profiting from it. Although it is advised that partners have a formal agreement outlining the terms and circumstances of their partnership, partnerships can be created with or without a written agreement.

The rights and obligations of partners in a partnership are outlined in the Act. Unless otherwise agreed, partners are jointly and severally accountable for the partnership's debts and responsibilities and are required to split business earnings and losses equally. Also, each partner has the power to bind the partnership in agreements and transactions with third parties.

The Partnership Act of 1961 also outlines the steps to dissolve a partnership. An agreement between the partners, a court ruling, or the operation of law can all dissolve a partnership. The assets of the partnership must be divided among the partners in accordance with their rights and obligations after dissolution, and the partnership must be wound up.

In addition to the Partnership Act of 1961, regulations also offer further instructions on how partnerships should be run in Malaysia. The regulations address a variety of subjects, such as the registration of partnerships, what is included in partnership agreements, and how partnership records can be inspected.

Generally, Malaysia's partnership establishment, administration, and dissolution are governed by the Partnership Act 1961 and its implementing rules. The Act and its provisions are designed to make sure that partnerships operate honestly and openly, and that partners are aware of their responsibilities both to one another and to third parties. To make sure they continue to be applicable and successful in achieving their goals, the Act and regulations are periodically reviewed and modified.

Find more statutes like Partnership Act 1961 (Act 135) : Statutes

SKU: 1677647160 ISBN: 9789678927734
 
 

Latest releases

Get your copy today!
1 / 16

5.0

2745 reviews

 
98%
 
1%
 
1%
 
0%
 
0%
Review thumbnail 0
Review thumbnail 1
Review thumbnail 2
Review thumbnail 3
2
Review media
JE
Verified
Jonathan Edward

42 people found this helpful

Nov 14, 2024

1
Review media
ML
Verified
Marshall L P

Same day delivery Grab arrived very fast! Thank you Joshua.

13 people found this helpful

Jul 6, 2024

1
Review media
Rachel Lee SVerified
Rachel Lee S

Wonderful experience shopping with Joshua's team, superb delivery 10/10

13 people found this helpful

Jul 31, 2024

1
Review media
CY
Verified
Chan Yen Qi

I love shopping at JLAG because of the varieties of titles that are found here specifically, I usually opt to buy in their brick and mortar stores in

7 people found this helpful

Jul 7, 2024

1
Review media
JD
Verified
Jasmin Dang

Thank you so much Joshua Legal Art Gallery for your amazing service.

68 people found this helpful

Nov 1, 2024

1
Review media
EL
Verified
Eric Lim

Good book, keep up the unique collection. 👍

26 people found this helpful

Jul 16, 2024

1
Review media
Kesavan DVerified
Kesavan D

Thank you for fast delivery and transaction.

26 people found this helpful

Jul 1, 2024

1
Review media
Lee Pei Ting (Kuching)Verified
Lee Pei Ting (Kuching)

Firm purchased this title at a good price online with Joshua, very unique as no other shop carry this book in Malaysia.

12 people found this helpful

Jul 17, 2024

Malaysia's Largest Authorised Premium Reseller
Malaysia's Largest Authorised Premium Reseller