1. Bussiness Vehicles Types
1.1. Corporate Body
1.1.1. Company (at least 2 member
1.1.2. Limited Liabiity Partnership
1.2. Unincorporate Body
1.2.1. Sole Propritorship (1 owner)
1.2.1.1. Sole Proprietorship
1.2.1.1.1. Sole Proprietor only
1.2.2. Partnership (member 2 >50)
2. DIFFERENCE OF BUSSINESS VEHICLE IN MALAYSIA
2.1. Capital Contribution
2.1.1. Company
2.1.1.1. Shared Capital
2.1.2. Limited Liability Partnership
2.1.2.1. Partners Contribution
2.1.3. Partnership
2.1.3.1. Partners Contribution
2.1.4. Sole Proprietorship
2.1.4.1. Own Contribution
2.2. Owner (s) of the bussiness
2.2.1. Company
2.2.1.1. Company members/shares holders own shares (the company give the certain rights in relation to the company
2.2.2. Limited Liability Partneship
2.2.2.1. Partners have share in the capital & profit
2.2.3. Partnership
2.2.3.1. Partnership Contribution
2.2.4. Sole Proprietorship
2.2.4.1. Sole Proprietorship
2.3. Legal Status
2.3.1. Company
2.3.1.1. Separate legal entity
2.3.2. Limited Liability Partnership
2.3.2.1. Separate legal entity
2.3.3. Partnership
2.3.3.1. Not a separate legal entity
2.3.4. Sole Proprietorship
2.3.4.1. Not a separate legal entity
2.4. Party liable for debt of the bussiness
2.4.1. Company
2.4.1.1. Company
2.4.2. Limited Liability Partnership
2.4.2.1. Limited Liability Partnership
2.4.3. Partnership
2.4.3.1. Partners
2.4.4. Sole Proprietorship
2.4.4.1. Sole Proprietorship
2.5. Personal Liability
2.5.1. Company
2.5.1.1. No Personal liability of individual director or Shareholder .
2.5.1.2. The liabilities borne by the directors / shareholders are to the extent of unpaid shares only
2.5.2. Limited Liability Partnership
2.5.2.1. No Personal liability of partner except for own wrongful act or without authority
2.5.2.2. Liability borne by partners are jointly and severally with the LLP to the extent of unpaid share capital only
2.5.3. Partnership
2.5.3.1. Unlimited liability jointly and severally liable with the partnership (can extended to the personal assets of the partners)
2.5.4. Sole Proprietor
2.5.4.1. unlimited liability which can extended to the personal assets of the sole proprietor
2.6. Responsibility for management of bussiness
2.6.1. Company
2.6.1.1. Board of Director
2.6.2. Limited Liability Partnership
2.6.2.1. Partnership
2.6.3. Partnership
2.6.3.1. Partnership
2.6.4. Sole Proprietor
2.6.4.1. Sole Proprietorial
2.7. No. of shareholders/partners
2.7.1. Company
2.7.1.1. Minimum : 2 (private company)
2.7.1.2. Maximum : 50 (private company)
2.7.2. Limited Liabitity Partnership
2.7.2.1. Minimum : 2
2.7.2.2. Maximum : No Maximum Limit
2.7.3. Partnership
2.7.3.1. Minimum : 2 to 20 except for professional practise
3. Categories of bussiness vehicles
3.1. Sole Proprietorship
3.1.1. Bussiness is owned and runs by one person
3.1.1.1. popular type of bussiness vehicle in Malaysia
3.1.1.1.1. normally it is a small & family bussiness
3.1.2. Must provide for his own capital, skill labour
3.1.2.1. The owner are considered as one entity
3.1.2.1.1. Will be personally liable for profit or loss of the bussiness
3.2. Partnership
3.2.1. Most common mode bussiness in Malaysia Registered of under Bussiness Act 1956
3.2.1.1. Partnership is governed under The Partneship Act 1961
3.2.1.1.1. Can performed between an adult and minor (but minor cannot resaponsible for any contractual liabilities of the firm.
3.2.2. Must owned by more than one person BUT not EXCEEDING 20 PERSON EXCEPT for PROFESSIONAL FIRM.
3.2.2.1. Partners are considered as one entity
3.2.2.1.1. any legal action against the firm must be brought against the partner's name, not in the firm's name
3.2.2.2. Combination of partnership and a company
3.2.2.2.1. offer the privilege of limited liability
3.2.2.2.2. flexibility of internal management
3.3. Company
3.3.1. if INCORPORATED
3.3.1.1. Must have at least 2 members
3.3.1.1.1. PUBLIC COMPANY : No Maximum number of members
3.3.1.1.2. PRIVATE COMPANY : Maximum number of member is 50
3.3.2. if INCORPORATED
3.3.2.1. become a separate legal entity.
3.3.2.1.1. Regarded as an artificial legal person having the same right & interest
3.4. Limited Liability Partnership
3.4.1. New bussiness vehicle in Malaysia
3.4.2. Govern by the Limited Liability Partnership Act 2012
3.4.2.1. Passed in Parliament in 21 Dec 2011
3.4.2.1.1. gazetted on 9 February 2012
3.4.2.2. Minimum of two person
3.4.2.3. Profit must be in accordance with the term of the LLP agreement
3.4.2.4. SIMILARY
3.4.2.4.1. LLP may be formed for a PROFESSIONAL PRACTICE
4. PARTNERSHIP
4.1. Definition
4.1.1. defined under Section 3 (1) : Partnership Act 1961
4.1.1.1. the relation which subsist between person carrying on business in common with a view of profit
4.2. 3 Main essential features for to exist namely
4.2.1. Relation which subsist between person
4.2.1.1. Registered under Companies Act 1965 as co-operative under written law Section 3 (2) of Partnership Act 1961
4.2.1.1.1. Horgan V. Murray
4.2.2. Carrying on bussiness in common
4.2.3. with a view of point