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BUSINESS ORGANIZATIONS (PARTNERSHIP (OWNERSHIP (Owned by 2-20 partners.…
BUSINESS ORGANIZATIONS
SOLE PROPRIETORSHIP
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LIABILITY
UNLIMITED LIABILITY. If the business fails and the assets are not enough to cover the debt , the payables have a right against the owner's personal properties.
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PARTNERSHIP
OWNERSHIP
Owned by 2-20 partners. However, professional partnerships are owned by 2-50 partners
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PROFIT/LOSS
Profit or loss will be shared by the partners according to their profit-sharing ratio as stated in the Partnership Agreement or Partnership Act1961
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LIABILITY
LIMITED LIABILITY. If it is a limited iability partnership ( ILP). Each partner is not responsibe or liable for another partner's wrongdoing or carelessness. Unlimited liability if it is a traditional partnership under Partnership Act 1961. If the business fails and the assets are not enough to cover the debt, the payables have a right against the partner's personal properties
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LIMITED COMPANY
BOOKS/ACCOUNTS
Proper books of accounts must be kept and annual accounts must be sent to the Companies Commision of Malaysia
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LIABILITY
LIMITED LIABILITY. If the business fails and the company's assets are not enough to cover the debt, the payables do not have a right against the shareholder's personal properties
OWNERSHIP
A private company must have a minimum of 1 and a maximum of 50 shareholders. A public company must have a minimum of 1 and the maximum number of shareholders.
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