Jul 3 2019, 10:15 PM
QUOTE(ch_kee83 @ Jun 24 2019, 05:43 PM)
Hi to all sifu..
Was wondering if we can set up a partnership company to manage and own the properties of my father?
Initially he plan to transfer his properties to all his children accordingly.
But now he worry that there might be disputes between his children as each property will have two names or more and he hopes the properties can be inherited to third generation.
These properties are all shoplots and houses and currently tenanted.
By transferring all these properties to a company and the major shares will be my mom, will this prevent any of the children of selling the properties without our consent?
Hmm.... does it mean the partnership company is a "trust company" to manage your father's properties?Was wondering if we can set up a partnership company to manage and own the properties of my father?
Initially he plan to transfer his properties to all his children accordingly.
But now he worry that there might be disputes between his children as each property will have two names or more and he hopes the properties can be inherited to third generation.
These properties are all shoplots and houses and currently tenanted.
By transferring all these properties to a company and the major shares will be my mom, will this prevent any of the children of selling the properties without our consent?
It sound like that for me.
A trust company cannot be in a "partnership" form, it must be a "Berhad" and it need to get a license for it.
I suggest that your father can make a will and include a testamentary trust (appoint a trust company or individuals).
He can state whatever "hope" or "wishes" he wants inside his will, there is not hard rule to make a will.
He also can include a clause that restrain the executor / trustee / beneficiary to sell the property.
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