A partnershipends upon thewithdrawalordeathof an existing partner. Admission of a newpartner terminates the "old" partnershipandcreates anewlegalentity.
Forming a legalentity and constructing a new workshop are relatively straightforward and will happen more quickly than in most Western countries. (Company executives are constantly amazed by how quickly buildings seem to go up in China.) Completing the legal work and building factories are the easy parts, however.
The American plan to develop a centralized LegalEntity Identifier and run it through the DTCC in New York ran into heated opposition at a meeting of the Financial Stability Board (FSB) in Basel in mid-October.