Question

The type of agency that we have in Malaysia (based on business law)

Answer 1

Different business entities might suit different stages of business or serve different business needs.According to business law in Malaysia there are following types of business agencies.

1.Sole Properietership-It is defined by the Companies Commission of Malaysia as a business wholly owned by the single individual using personal name or trade name.It is also cheapest and simplest to set up.But it includes unlimited liability which means if you cannot meet your liabilities,your creditors can go on personal assets.

2.Partnership-It is same as sole properietership but just have more than one owner.

3.Private limited- This form of business entity can is the most commonly seen in Malaysia.Unlike sole properietership or partnership,a private legal company has its own sperate legal entity,It can aquire it's own assets,go in debt,sue or to be sued in its own name and has perpetual succession until the directors until the directors or the shareholders decide to dissolve the company.