1.0 INTRODUCTION TO COMPANY LAW
Doing business either alone, with partners or a group of people, such as sole proprietorship, partnership, or company is not a new thing in Malaysia. Moreover, there are many types of business exists nowadays. People just have to choose to be in whatever business that they are interested in. According to Company Registration Office in Malaysia’s website, for a company to be formed, it must first have a minimum of two directors, who are being normal persons of legal age and having their major or only place of residence in Malaysia and not under bankruptcy.
The word ‘company’ carries a few different meaning. However, in this context, company is defined as a business organization that makes money by selling goods and services, for example, public and private companies. On the other hand, the term ‘law’ is defined as a structure of rules or regulations that a society or government develops in order to deal with crime, business agreements, and social relationships, for example, company law.
Company law was established to provide for the creation and termination of companies. Besides that, company law also was existed to bestow on companies some unique features such as limited liability, to legalize the affairs between members in companies such as the relationship between directors and shareholders; and to assist business between companies and external parties such as the consumers of the company.
Company law is a consequential from a numeral of different sources. This means that if a particular action or proposal is concerned by legal rules, it may be essential to check in more places rather than focusing in one source only. The important sources of company law consist of the Companies Act, case law; and other sources of law, as well as the Companies Regulations, Securities Commission Act 1993 (SCA), Capital Markets and Securities Act 2007 (CMSA), Code on Take-overs and Mergers 1998, Malaysian Code on Corporate Governance (Revised... [continues]
Doing business either alone, with partners or a group of people, such as sole proprietorship, partnership, or company is not a new thing in Malaysia. Moreover, there are many types of business exists nowadays. People just have to choose to be in whatever business that they are interested in. According to Company Registration Office in Malaysia’s website, for a company to be formed, it must first have a minimum of two directors, who are being normal persons of legal age and having their major or only place of residence in Malaysia and not under bankruptcy.
The word ‘company’ carries a few different meaning. However, in this context, company is defined as a business organization that makes money by selling goods and services, for example, public and private companies. On the other hand, the term ‘law’ is defined as a structure of rules or regulations that a society or government develops in order to deal with crime, business agreements, and social relationships, for example, company law.
Company law was established to provide for the creation and termination of companies. Besides that, company law also was existed to bestow on companies some unique features such as limited liability, to legalize the affairs between members in companies such as the relationship between directors and shareholders; and to assist business between companies and external parties such as the consumers of the company.
Company law is a consequential from a numeral of different sources. This means that if a particular action or proposal is concerned by legal rules, it may be essential to check in more places rather than focusing in one source only. The important sources of company law consist of the Companies Act, case law; and other sources of law, as well as the Companies Regulations, Securities Commission Act 1993 (SCA), Capital Markets and Securities Act 2007 (CMSA), Code on Take-overs and Mergers 1998, Malaysian Code on Corporate Governance (Revised... [continues]
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