Goodness of Commercial Business
Among these are the name of the partnership, the location of the trade, the number and name of the work, the activities of the trade carried out, where the records of the accounts are stored, the administration or collection of power in the partnership, the determination of the level of profit or loss, the designation and take-up of the workload and the level of benefits imposed, capital contribution for each workplace, allotment of the value of capital, salary for workers involved in the daily business affairs, assets of the partnership, police perakaunan followed, perakaunan life period, the field of power of officials, the field of authority, salary, bonuses and the status of Pekongsi.
In addition, there is also an agreement without agreement in which the dealings of an agreement are made based on Section 26 of the Deed of 1961 Pekongsi.
Letter of Subsection 26 of the Deed of Divination explains that the partnership is sharing equally on the gains or losses of the partnership, each claim is entitled to receive 8% benefit a year and more than the introduction, the loan given to the trading partnership and the worker is entitled to benefit from the capital only after the profit is determined.
Besides that, every worker has the right to take care of commerce. However, no salary is given even though the worker is involved in daily business affairs. A worker is also not accepted without the approval of all workers. In this section, it is also written that the decision of the majority is accepted if the form of change is related to commerce, but if the partnership wants to change trade activities, unanimous decision (100%) must be obtained, and the books and records of the association are kept on the premise of the trade. Each worker has the right to check and make copies of these records. If the contract does not make any agreements or if the agreement is made but does not cover certain cases, the allotment in the Deed of Agreement relating to the cases above is used. A partnership only needs to report the financial statement to the Domestic Results Institute (LHDN) for the purpose of estimating excise duty. Accounts for a partnership do not need to be audited. Every employee may not open the same trade as the trade carried out by the partnership. Section 32 of the 1961 Agreement Deed devoted to the Pekongsi carrying out the same trade as the partnership needing to pay for the sharing of all profits.
Goodness of Commercial Business
More capital can be collected.
Can use expertise from joint partners who are likely to have different skills, knowledge and experience.
The specialization of work can be done with the existence of various skills and expertise from the partners' partnerships.
Business risks can be spread (shared) between joint partners.
Competition can be reduced through partnership, with that shopping for competition can be allocated to increase sales and develop commerce.
Partnerships are still easier to establish than companies or cooperatives. It only needs to be registered with the Registrar of Commerce and get trade license from the local authorities.