Compute total income of each partner for the year of assessment 2020 in Malaysia country.
3.500 PARTNERSHIP AGREEMENT THIS PARTNERSHIP AGREEMENT is made and effective on 1 January 2016 by and between the following individuals: Natalie Parker of No.25, Jalan Kelawar, Taman Rembulan, 59200 Kuala Lumpur Kayla of Setapak Ria Condominium, Jalan Mata Air, 53300 Kuala Lumpur Jimmy of 2, Jalan Ainsdale 2/22, Bandar Ainsdale, Seremban, 70300 Negeri Sembilan 1. Nature of Business The partners listed above hereby agree that they shall be considered partners in business for the following purpose: providing business consultancy 2. Name The partnership shall be conducted under the name of Basud & Co and shall maintain offices at No. 4, Jalan Kenanga, Seremban Biz, 70300 Seremban, Negeri Sembilan 3. Day-To-Day Operation The partners shall provide their full-time services and best etorts on behalf of the partnership Each partner shall have equal rights to manage and control the partnership and its business. Each partner shall receive the following salary for services rendered to the partnership: UM Name of Partner Salary per month Natalie Parker 5.000 Kayla 4500 500 Jimmy 4. Capital Contribution The capital contribution of each partner to the partnership shall consist of the following property. services, or cash which each partner agrees to contribute r4lSERX Name of Partner Capital Contribution Interest on Capital Profit Sharing Ratio Natalie Parker 55 000 45 40% Kayla 45,000 4% 30% Jimmy 35,000 30% 5. Books and records 45 Books of account shall be maintained by the partners, and proper entries made in the books of all sales, purchases, receipts, payments, transactions, and property of the partnership. The books of account and all records of the partnership shall be retained at the principal place of business 6. Accounting The fiscal year of the partnership shall be from 1 January to 31 December of each year. 7. Profits and Losses The profits and losses of the partnership shall be divided by the partners according to a mutually agreeable schedule and at the end of each calendar year according to the proportions listed above. 8. Disputes Any disputes arising between the partners as a result of this Agreement shall be settled by arbitration in accordance with the rules of the American Arbitration Association and judgment upon the award rendered may be entered in any court having jurisdiction thereof. 9. Withdrawal/Death of Partner In the event a partner withdraws or retires from the partnership for any reason, including death, the remaining partners may continue to operate the partnership using the same name. A withdrawing partner shall be obligated to give sixty (60) days' prior written notice of his/her intention to withdraw or retire and shall be obligated to sell his her interest in the partnership. 10. Non-Compete Agreement A partner who retires or withdraws from the partnership shall not directly or indirectly engage in a business which is of which would be competitive with the existing or then anticipated business of the partnership for a period of in those of this state where the partnership is currently doing or planning to do business IN WITNESS WHEREOF, the partners have duly executed this Agreement on the day and year set forth hereinabove Natale Parker Kayla Jimmy NOTICE OF WITHDRAWAL FROM PARTNERSHIP To Partners of Blissful & Co (the "Remaining Partners") From: Natalie Parker (the "Withdrawing Partner") of No.25, Jalan Kelawar, Taman Rembulan, 59200 Kuala Lumpur is a partner in the partnership of Blissful & Co (the "Partnership") established on 1 January 2016 for the purpose of providing business consultancy and formed in accordance with a partnership agreement (the "Partnership Agreement"). The withdrawing partner desires to voluntarily withdraw from the partnership. The date of withdrawal will be the 30 of September, 2020 9/12 Natalia Parcer 7 of July 2014 (New) PARTNERSHIP AGREEMENT THIS PARTNERSHIP AGREEMENT is made and effective on 1 Dotover 2020. by and between the following individuals: Kayla of Setapak Ria Condominium, Jalan Mata Air, 53300 Kuala Lumpur Jimmy of 2, Jalan Ainsdale 2/22, Bandar Ainsdale, Seremban 70300 Negeri Sembilan 1. Nature of Business The partners listed above hereby agree that they shall be considered partners in business for the following purpose: providing company business consultancy, 2. Name The partnership shall be conducted under the name of Blissful & Co and shall maintain offices at No. 4. Jalan Kenanga, Seremban Biz, 70300 Seremban, Negeri Sembilan 3. Day-To-Day Operation The partners shall provide their full-time services and best efforts on behalf of the partnership. Each partner shall have equal rights to manage and control the partnership and its business. Each partner shall receive the following salary for services rendered to the partnership: Name of Partner Salary per month Kayla 4,500 Jimmy 3.500 4. Capital Contribution The capital contribution of each partner to the partnership shall consist of the following property. services, or cash which each partner agrees to contribute: 607 Interest on Capital 4% Name of Partner Kayla Jimmy Capital Contribution 80,000 50.000 Profit Sharing Ratio 3 2. 46% (3.2) 5. Books and records Books of account shall be maintained by the partners, and proper entries made in the books of all sales, purchases, receipts, payments, transactions, and property of the partnership. The books of account and all records of the partnership shall be retained at the principal place of business. 6. Accounting The fiscal year of the partnership shall be from 1 January to 31 December of each year. 7. Profits and Losses The profits and losses of the partnership shall be divided by the partners according to a mutually agreeable schedule and at the end of each calendar year according to the proportions listed above. 8. Disputes Any disputes arising between the partners as a result of this Agreement shall be settled by arbitration in accordance with the rules of the American Arbitration Association and judgment upon the award rendered may be entered in any court having jurisdiction thereof 9. Withdrawal/Death of Partner In the event a partner withdraws or retires from the partnership for any reason, including death, the remaining partners may continue to operate the partnership using the same name. A withdrawing partner shall be obligated to give sixty (60) days prior written notice of his/her intention to withdraw or retire and shall be obligated to sell his/her interest in the partnership 10. Non-Compete Agreement A partner who retires or withdraws from the partnership shall not directly or indirectly engage in a business which is or which would be competitive with the existing or then anticipated business of the partnership for a period of in those of this state where the partnership is currently doing or planning to do business IN WITNESS WHEREOF, the partners have duly executed this Agreement on the day and year set forth hereinabove. Kayla Jimmy Blissful & Co Profit or Loss Account for the year ended 31 December 2020 RM RM RM 600,000 (365,800) 194,200 234,200 Services Cost of service Gross profit Less: Operating Expenses Remuneration to partners (salary) Donation Depreciations Interest on capital to partners Food allowances: Natalie Parker Kayla Jimmy Travelling claim by partners: Natalie Parker Kayla Jimmy Net profit 141,000 4.200 8,000 5,150 - 3,600 4.800 4,800 I expenses 13,200 1,000 800 850 2,650 (174,200) 60,000 CC: MEMO To: Finance Executive From: Assistant Finance Executive Ms Kayla, Mr Jimmy Date: 31/12/2020 - ne ych Re: Capital allowance Comments: Capital allowances on non-current assets for the year of assessment 2020 amounting to RM6.000. Blissful & Co No 4 Jalan Kenanga, Seremban 70300 Seremban, Negeri Sembilan allo National Stroke Association Lorong Kubang, Taman Sejahtera Kuntan, Pahang nasam NATIONAL STROKE douto No. 5501 Date: 17 July 2020 Received from Blissful & Co Address No. 4, Jalan Kenanga, Seremban Biz 70300 Seremban, Negeri Sembilan RM 4.200 Four Thousand and Two Hundred Ringgit Malaysia Only Cash/Cheque No. CIMB Transfer Credit For Donation Ann Erlana Treasurer Entitled for Tax Exemption as defined under Seksyen 44(6) of Income Tax Act 1957 Reference LHON 01/35/45678
