Entrepreneurship - Chapter 3 : Business Entity-Questions and Answers Graded A+

Entrepreneurship - Chapter 3 : Business Entity-Questions and Answers Graded A+ Business Entity - ANSWER-An entity formed and administered as per corporate law in order to engage in business activities , charitable work or other activities allowable. Purpose business entity - ANSWER-to sell products In malaysia , the authority that governs the business activities is - ANSWER-The Companies Commision of Malaysia known as SSM ( suruhanjaya syarikat malaysia ) Definition of business - ANSWER-All form of activities such as trade , craft , occupation, profession or other activity which seeks to gain profit Types of business entities - ANSWER-1. Sole Proprietorship 2. Partnership 3. Private limited company 4. Public limited company example of sole proprietorship - ANSWER-businesses , mini markets , convenient , stores etc . sole proprietorship - ANSWER-simplest form of business only malaysian citizens or pr can register Registeration fee is low easy to manage Partnership - ANSWER-min 2 partners, max 20 partners formed under the business registration act 1956 equal partnership to minimize dispute Partnership Act 1961 - ANSWER-profit or losess are to be shared equally a partner may leave if an agreement is made between all partners