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Analysis of Mars Model and Individual Behavior in Xyz Company

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ASSIGNMENT 3 1. Legal forms of business in Malaysia.

Start up Business in Malaysia - What is a business firm?
Business firms can be either of these two types:

1. Sole proprietor/ Sole trader - Sole proprietor is a business carried out in the name of an individual.
2. Partnerships (governed by Partnership Act 1961) - Partnership is a business owned by two or more individuals.

Both these types of business firms have no separate legal existence apart from the persons who owns the business and properties cannot be held under the name of the business firms. All contracts are signed in the name of the individuals who own the business and their liability is unlimited.

Forms of business formation in Malaysia | Company | Partnership | Sole-proprietorship | 1. | StructureA company is a person separate from its members. | Two or more persons carrying on business with a view of profit. | Individual in business on his own. | 2. | RegistrationNeed to be registered with the Registrar of Companies as a company. | Need to register their business under the Registration of Businesses Act, 1956. | Needs to register his business under the Registration of Businesses Act, 1956. | 3. | TransferabilityShares in a company are generally transferable although the right of transfer may be restricted. | Generally, a partner cannot transfer his status as partner to someone else without the consent of all the other partners. | A sole-proprietor may transfer his business to someone else. | 4. | ManagementMembers of a company as such are neither its managers (directors) nor is agents. | Partners are agents of the firm for carrying on its business in the ordinary course of business and are generally entitled to manage the firm. | The sole- proprietor owns and manages the firm himself and can employ employees to manage the firm for him. | 5. | Number of

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