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REGISTRATION OF BUSINESS ENTITIES - Coggle Diagram
REGISTRATION OF BUSINESS ENTITIES
1. Sole Proprietorship
A business owned, funded and managed by one person.
The owner has full control over business operations.
The simplest and most popular form of business in Malaysia.
Registered under the Business Registration Act 1956.
2. Partnership
A business owned by two to a maximum of 20 people.
Professional firms may have up to 50 members.
Partners share responsibility for managing the business.
Registered under the Business Registration Act 1956.
3. Limited Liability Partnership (LLP)
Combines the characteristics of a private limited company and a conventional partnership.
Has a separate legal identity from its partners.
Offers perpetual succession and protection against personal liabilities.
can be formed by at least two persons, with no maximum number of members stated in the slides.
4. Private Limited Company
A company with a legal identity separate from its members or founders.
Shareholders' liability is limited to the amount of shares they own.
Must use “Sendirian Berhad” or “Sdn.Bhd.” at the end of its name.
Cannot invite the public to buy its shares.
Requires legal documentation and the appointments of a company secretary.
5. Cooperative
A voluntary association formed to meet common economic, social and cultural needs.
Operates through joint ownership and democratic control.
A primary cooperative requires at least 100 members, while a farmers' cooperative requires 50.
Registered and supervised by the Malaysia Co-operative Society Commission (SKM).
6. Registration Agencies
Companies Commission of Malaysia (SSM): Registers sole proprietorships, partnerships, LLPs and companies.
Malaysia Co-operative Society Commission (SKM): Registers and supervises cooperatives.
Business registration helps legalise business activities.