Basically the sole proprietorship is a business owned and operated by an individual.docx

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Basically the sole proprietorship is a business owned and operated by anindividual. The owner operates the company by his or her own or mayhave employees to help them operate the business. The owner has thecontrol on the business liability and responsible for the company operationand finance including of the business profit and loss. The business taxesare paid to the government by the owner through his or her personalincome tax return.PartnershipA partnership is the business owned by more than one person and themaximum number of persons allowed in a partnership is 20. According toMalaysian Partnering Act, partnership is defined as relationship subsistingbetween persons carrying on business in common with a profit objective.Partnership can be classified into three categories which are generalpartnerships, limited partnerships, and limited liability partnerships.Different from sole proprietorship the profit, loss and managerial dutiesare shared among the partner and each partner is liable to the partnershipdebts. Most decisions for the business required the agreement frommajority of the partners and the change of business nature requiredconsent by all partners.CorporationCorporation is defined as the legal entity that exists independently of theperson who created it. Corporation can be either privately owned orgovernment owned and it can be categorize whether for profit or nonprofitcompany. The profit corporation especially for a privately owned caneither be privately held or publicly held. Usually a profit corporation’sshareholders will elect a board of directors to direct the corporation andhire its managerial staff. Companies in Malaysia are governed by theCompanies Act 1965, which protects the rights and interests ofshareholders and investors, and provides regulations for the incorporationof companies, the formulation of company constitutions, management andclosures. If a corporation fails, shareholders normally only stand to losetheir investment, and employees will lose their jobs, but neither will befurther liable for debts that remain owing to the corporation’s creditors.Anglo SaxonAnglo Saxon is a linguistic word that still used as a term for the originalWest Germanic component of the modern English language. In the 19thcentury the term “Anglo-Saxon” was broadly used in philology andsometimes used to refer to peoples descended or associated in some waywith the English ethnic group. So in the context of this writing Anglo Saxoncan be relate to the company successor since it was pass from one familymember to other family members in order for the business to continuouslysustain and making profit.
Family BusinessBase on different business ownership and categories available in Malaysiathe decision how to run the family business can be base on advantageand disadvantage of each type of business structure. The decision how torun the business should also based on advice from the consultant as well

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Term
Summer
Professor
Ng Annie
Tags
Business, Corporation, Malay Family Owned Business

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