Duration of Business. The Plan shall commence business as soon as practicable after the minimum capital requirements of the Plan have been met and paid in, and its Certificate of Formation has been filed with the Secretary of the State of New York and with such other states as require or permit the filing of such a certificate before conduct of business. It shall continue in business thereafter until terminated.
Duration of Business. The partnership will operate at the partners' discretion. If a partner wishes to retire, they must provide three months' notice before the partnership is considered dissolved. The document outlines the dissolution process in case of a disagreement or if one partner decides to exit the venture. The remaining assets and liabilities will be settled after paying off debts and liabilities. When a business partnership comes to an end, any remaining assets will be divided among the partners in line with their agreed-upon profit-sharing ratio. If one of the partners passes away, the surviving partners and the deceased partner's heirs will work together to decide how to continue or close down the business. In case of disagreements between partners, a neutral third-party mediator (known as an arbitrator) will be chosen by mutual consent. The arbitrator's decision will be final and binding on all parties involved. This agreement was signed voluntarily by both partners without any external influence. Signatures: Partner 1 - Xxxxx Xxxxx CNIC No. 00000-000000-0 Partner 2 - Xxxxx Xxxxx CNIC No. 00000-000000-0 Witness 1: Witness 2:
