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Business Entities - Coggle Diagram
Business Entities
Partnership
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Sec 47(1) Partnership Act 1961: rules of common law and equity will continue apply except if conflict with the provisions of the Act.
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Sole Proprietorship
Formed, managed and owned by an individual.
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If unregistered, owner will be liable under Sec.12 of Act to a fine of not exceeding RM50000 or imprisonment not exceeding 2 years or both.
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Company
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Has perpetual succesions - any changes in relation to members or officers will not affect the company.