Before taking the plunge

BEFORE forging a long-term business relationship with a partner, consider taking precautionary measures to protect your assets.

Rockwills Corporation Sdn Bhd area licensee Ricky Khoo said the purpose of a partnership agreement was to protect the value of the business when the situation turned complicated.

“Several types of problems may arise in business dealings. Therefore, a pre-signed agreement will help smooth things out quickly,” he said at a press conference.

Among the common issues are family inheritance, selling of the business interest, family dispute, serious business distruption and closure of business.

“A pre-signed business agreement offers a lot of benefits.

“It guarantees full and fair value, the pricing is pre-agreed, quick and smooth transfers, conversion to liquid income, independent referee to execute necessary transfers and it prevents wastage of sale proceeds,” he said.

He said the public could learn more about these partnership business agreements at a seminar on June 23 at Wisma Rockwills in Bay Avenue, Penang, from 2pm to 5pm.

The fee is RM50 per person and the proceeds will be channelled to charities.

The seminar is among five others jointly organised by the Financial Planning Association of Malaysia (FPAM) Penang chapter and Rockwills as part of their corporate social responsibility project.

The seminars will benefit six charitable organisations in Penang — Charis Hospice, Cerebral Palsy (Spastic) Children’s Association, Penang Cheshire Home, Salvation Army Children’s Home, St Nicholas Home for the Blind and Women’s Centre for Change.

Khoo later presented cheques of RM980 each to the Penang Cheshire Home and Salvation Army Children’s Home.

The amount was collected from the previous seminars held.

The final seminar is titled ‘Insurance Trust vs Section 166 Nomination’.

It will be held on July 28 at Wisma Rockwills from 2pm to 5pm.

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