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Partnership

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1Partnership Empty Partnership Fri May 05, 2017 5:02 pm

revanmanzano


Arresto Menor

HI! My both of the partners of my dad's business died but his family plans on continuing the business operations. My dad is the CPA of the accounting services company and now that he has passed away, the family plan (and also his verbal will) is to continue the business. How will I do this? I can't take over the business since I'm still in college. Our current plan is to change the partnership into a sole proprietorship and just get a CPA to sign the Financial Statements. I need help Sad(

2Partnership Empty Re: Partnership Fri May 12, 2017 12:50 am

Lunkan


Reclusion Perpetua

An alternative can be to start one BMBE each.
Then you can make cooperation between them so it FUNCTIONS similar to partnership in the ordinary work, but partners can't mess up each other's Smile
There are very interesting benifits with BMBE so try to get them aproved as that.

Disadvantage: acounting and tax forms need to be done three times instead of one.

NOTE! Unregister the old partnership proper at both business register and BIR to avoid problems and punishment fees.

(You can have a business and be in college, if you have time to do some in the business. It don't need to be fulltime. I started my first business when I were in High school Smile

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