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Limited Company Essay

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A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of enterprise that is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss and so on. The sole trader receives all profits and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor's. It is a "sole" proprietorship in contrast with partnerships which have at least two owners. Partnerships are one of the more common modes of business operation …show more content…

BHD or Sendirian Berhad or BHD. or Berhad) is a private limited company, where it prohibits any invitation to the public to subscribe to any of its shares, deposit money with the company for investment or subscription. Limited company is established under the company's charter 1965 in Malaysia. Berhad (BHD) is a public limited company where its shares can be offered to the public for fixed periods and any other forms of subscription. The minimum amount of shareholders are 2 person and maximum amount of members are 50 person. There are three types of limited companies in Malaysia which there are limited by shares, limited by guarantee and unlimited company with or without share capital. Companies limited by shares is liability of members’ contribution to this company and limited to the amount specified on their unpaid shares. If the company becomes insolvent or goes into liquidation, those of the members are not obligated to pay off the company’s debts if and unless any one of the members gives a personal guarantee. Besides, members’ personal assets, employment and personal income are not liable to any of the company’s debts. This type of business entity is the most common one in Malaysia. Companies limited by Guarantee is in a limited company’s Memorandum and Articles of Association, members’ liability is limited to the amount they ‘guarantee’ or undertake during winding up. In which the amount is specified in the Memorandum, agreed and signed by all

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