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Company Law

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Company Law
CHAPTER 1: BUSINESS ORGANIZATIONS
1. What are three types of business organizations?
i. Sole Proprietorship
- One man is in business for himself
- No special rules governing sole proprietorship,
- Treated no differently from anyone else at law
- Use own to resources to provide skill, labor, capital, and other resources to run the business
- Unlimited liabilities
- Registered under Registration of Business Act 1956

ii. Partnership
- Exist when two or more persons pool their skills, labor, capital and other resources together to form a business jointly
- Under Partnership Act 1961
- Applied English Court decision

iii. Company
- A business organization of two or more individuals
- Registered under Company Act 1965

2. What are the sources of Malaysian Company Law?
i. Statutes (CT CS)
- Companies Act 1965
- Companies Regulation 1966
- Securities Industry Act 1983
- The Registration of Business Act 1956

ii. Judicial precedent/ common law
- Fundamental principles of company law which are based on judicial precedent and applicable in Malaysia, includes: o Case: Solomon V Solomon & Co (1897), principles of separate legal entity or personality o Case: Foss V Harbottle (1843), principles of Proper plaintiff and majority rule o Case: Royal British Bank V Turquand (1855), principle of indoor management rule

iii. Common law, equity and acts of England
- By virtue S3 & S5 of the civil law act 1956
- In certain situations, the law of England and several acts of England not though not passed as an act in Malaysia are applicable in Malaysia

3. What are the comparison between company, partnership and sole proprietorship?

Company
Partnership
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