Business Entities & Accounting Classification

In Malaysia, how many types of Business Entities?

• 2

• 3

• 4

• 5

Not TRUE about Sole Proprietor?

• Limited liability

• Owner-operator business

• Owner receives profits and bear losses

• Unlimited liability

Advantages in Sole Proprietorship...

• Easy and low cost to setup

• Owner has full control on his/her investment in the business including operations

• Business continuity issue

• difficult to raise capital alone

How many people can form partnership?

• 2

• 2-50

• 2-20

• 2 and unlimited

2 types in Partnership?

• ­General partnership

• General practirioner

• ­Limited Liability partnership

• Private limited partnership

General partnership is regulated under...

• Registration of Businesses Act 1956 (RBA)

• LLP Act 2012

• LLP Regulations 2012

• Law of Partnership Act 1961

How is Limited Liability Partnership form their capital?

• Cash

• Shares

• Assets

• Loans

Is it true that Company, whether is 'Sdn. Bhd.' or 'Bhd' is separate legal entity?

• False

• True

Merchandisers business is providing services for profit and intangible product.

• False

• True

"The primary source of revenue is referred as Sales."

• Service business

• Merchandiser business

• Manufacturing business