Chapter_4 - Business Management: A Malaysian Perspective...

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Business Management: A Malaysian Perspective © Oxford University Press Malaysia, 2008 All Rights Reserved 4– 1
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Business Management: A Malaysian Perspective © Oxford University Press Malaysia, 2008 All Rights Reserved 4– 2 Different Forms of Business Ownership CHAPTER
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Business Management: A Malaysian Perspective © Oxford University Press Malaysia, 2008 All Rights Reserved 4– 3 At the end of this chapter, students will be able to: LEARNING OBJECTIVES ± Discuss the legal aspects involved in registering a business in Malaysia. ± Explain the advantages and disadvantages on three major forms of business ownership: sole proprietorship, partnership and corporation. ± Describe the advantages and disadvantages of setting up a franchise business. ± Discuss the set up of joint ventures.
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Business Management: A Malaysian Perspective © Oxford University Press Malaysia, 2008 All Rights Reserved 4– 4 REGISTERING A BUSINESS IN MALAYSIA A business can be any form of trade, commerce, craftsmanship, occupation, profession or other activities that is carried out for the purpose of maximizing profit. Before deciding to start a business it should be registered according to the choice of business, and necessary licences and permits need to be obtained. Any business would need to be registered with the Companies Commission of Malaysia (CCM) under the Companies Act 1965 and the Registration of Businesses Act 1956.
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Business Management: A Malaysian Perspective © Oxford University Press Malaysia, 2008 All Rights Reserved 4– 5 DIFFERENT FORMS OF BUSINESS Three most common forms of setting up a business: Sole Proprietorship/Sole Trader Partnership Corporation
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Business Management: A Malaysian Perspective © Oxford University Press Malaysia, 2008 All Rights Reserved 4– 6 SOLE PROPRIETORSHIP Sole proprietorship is considered to be the simplest form of business organization. Does not need to be operated by one person solely – can have large numbers of employees. Represent the largest number of businesses in most countries and typically the smallest in size.
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Business Management: A Malaysian Perspective © Oxford University Press Malaysia, 2008 All Rights Reserved 4– 7 ADVANTAGES OF SOLE PROPRIETORSHIP Total independence in making decisions Sole ownership of profits Only pay personal income tax and not business tax Cheap set- up cost.
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© Oxford University Press Malaysia, 2008 All Rights Reserved 4– 8 DISADVANTAGES OF SOLE PROPRIETORSHIP Entirely responsible for debts and risk Unlimited personal liability
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This note was uploaded on 02/03/2012 for the course IT 2010 taught by Professor Mohd during the Spring '11 term at Multimedia University, Cyberjaya.

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Chapter_4 - Business Management: A Malaysian Perspective...

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