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CHAPTER 2: Registration of Business Entities :explode: - Coggle…
CHAPTER 2:
Registration of
Business Entities
:explode:
Companies Commission of Malaysia
(SSM)
Sole proprietorship
– A sole proprietorship is a business entity that is solely owned,
funded and managed by one owner only.
Partnership
– A partnership is a business entity that is owned by two or a
maximum of 20 people.
..the maximum number of members could be up to 50
people
LLP = Limited Liability Partnership
-Minimum members = 2 people.
-Separate legal entity = The business is legally separate from its partners.
-Perpetual succession = The business can continue even if the partners change.
-Limited liability = Partners’ personal assets are protected, subject to the law and certain conditions.
Private Limited Company
1.Registered under the Companies Act –
Registered business.
2.Separate legal entity –
Separate from owners.
3.Capital contribution –
Members contribute money.
4.Limited liability –
Liability limited to shares owned.
5.Company Secretary –
Manages company documents and secretarial duties.
6.Auditor –
Checks financial records
7.Two legal documents –
Memorandum of Association (MOA) and Articles of Association (AOA).
8.Cannot offer shares to the public –
Public cannot buy shares.
9.Company name –
Must end with Sdn. Bhd.
www.ssm.com.my
Cooperatives
Commission of Malaysia (SKM)
Cooperative — Easy Keywords
Voluntary – Join willingly
Common needs – Shared goals
Joint ownership – Owned together
Democratic control – Equal say
Members – 100 / Farmers’ 50
Separate entity – Legally separate
Limited liability – Protected from debts
Limited profits – Limited profit sharing
Registration – Register with SKM
www.skm.com.my
