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TYPES OF BUSINESS ENTITIES (LIMITED LIABILITY PARTNERSHIP :star: (Combines…
TYPES OF BUSINESS ENTITIES
SOLE PROPRIETOR :star:
One owner
has one or two workers
most simplest/famous business
capital,management and future planning depends on owner
managed by family members
LIMITED LIABILITY PARTNERSHIP :star:
Combines the characteristics of a company and a conventional partnership
Has a legal personality separate from partners
business structure - designed for all lawful business purpose with a view to make profits
Also by professionals ( lawyers , chattered accountants , and company secretaries ) for professional practice
support start-ups , small and medium enterprise(SME) ,joint venture and venture capitals
EXAMPLE :Mrs Sting LLP , Kurniawan LLP
COOPERATIVE:star:
An autonomous association of people united voluntarily to meet common economic , social and cultural needs aspirations through jointly owned and democratically controlled business.
Min.member of primary cooperative in MY-50 people
Farmers cooperative:50 people
all members - equal voting rights
All members expected to run the cooperative
PRIVATE LIMITED COMPANY :star:
Company -a body that has legal entity separate from members or the founder
Companies Act 2016 - 1 to 50 people
All the management and finance contributed by among of members by the ownership percentage
TWO LEGAL DOCUMENTS to form PRIVATE LIMITED COMPANY
Memorandom Of Association
Articles of Association
Must use SDN BHD at the end of the company's name
PARTNERSHIP:star:
Owned by two or more ( up to 20 people)
for professional businesses (accounting,architects,etc)
Partners have common idea and share their skills, knowledge , profits and liabilities to complement each other
Not have requirement to have written agreement but adviced to have a formal contract (Partnership Agreement)