Office Project Template [Copy]

Office Project Template [Copy]

Published on 10 October 2022
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Transcript
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chapter 1: business organizations
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GROUP 1: KHIRTANA (012021091451) TIVYASRI (012021091452) VINOTHINI (012021091453) JEEVARUBANI (012021091454) SITI NUR ATIQAH (012021091455)
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INTRODUCTION
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- 3 business organizations in Malaysia: i) Sole proprietorship 2) Partnership 3) Corporation/company - Governed by: i) Sole trader - Business Registration Act 1956 ii) Partnership - Partnership Act 1961 iii) Company - Companies Act 2016
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SOLE PROPRIETORSHIP
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1) Also known as sole trader
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2) Definition: An enterprise owned exclusively by one natural person & in which there's no legal distinction between the owner & the business entity
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3) Can be done either virtually (online) or physically (premise)
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Steps of sole trader registration:
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The legal process starts from getting the registration form from CCM counter with photocopy of the owner's IC and complete it Next, a CCM officer will check if the business name proposed still available/unused Then the owner will pay annual fee to incorporate a sole proprietorship in Malaysia
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ADVANTAGES
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Cheap to register
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Has simple registration process
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Has simple compliance to follow
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DISADVANTAGES
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Sole trader bear all liabilities towards the business in their own personal capacity Personal income tax can be expensive It's difficult to scale since not able to issue shares to get investments
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The End