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WorksheetsBusiness Entities and Registration
Total questions: 28
Worksheet time: 15mins
What is the role of the Companies Commission of Malaysia (SSM)?
To provide loans to businesses
To manage business registration
To conduct market research
To offer training programs
What is the legal requirement for businesses aiming to make a profit?
To hire a lawyer
To register their business
To open a bank account
To create a website
What does SSM stand for in the context of business registration in Malaysia?
Social Security Malaysia
Securities and Exchange Commission
Companies Commission of Malaysia
Small and Medium Enterprises Malaysia
Which of the following is NOT a characteristic of a limited liability partnership?
Limited liability
Registered with SSM
Owned by a single individual
Partnership structure
What is the maximum number of people allowed in a partnership in Malaysia?
10
20
30
50
Which of the following is NOT a characteristic of a sole proprietorship?
Owned by one person
Most popular form of business
Managed by multiple owners
Simplest form of business
Which business entity is described as the easiest form of business in Malaysia?
Corporation
Partnership
Sole proprietorship
Cooperative
Which of the following is a feature of an LLP?
It is a non-profit organization
It has perpetual succession
It is a sole proprietorship
It has no legal benefits
Which of the following is a requirement for forming an LLP?
Minimum of three persons
Minimum of two persons
Minimum of five persons
Minimum of ten persons
Under which act is a business registered as a company in Malaysia?
Companies Act 1965
Business Act 1990
Corporate Act 2000
Enterprise Act 1985
What is the role of entrepreneurs in a company?
They contribute to a bigger capital sourcing.
They manage the company alone.
They do not participate in decision-making.
They are not involved in capital sourcing.
What is the purpose of having a legal entity separate from members?
To protect personal assets
To increase taxes
To limit business operations
To avoid legal registration
What is a company considered in legal terms?
A separate legal entity
A personal asset
A non-legal entity
A government agency
What is a limitation related to business continuity in a sole proprietorship?
Business continues indefinitely
Business is sold upon owner's death
Business does not continue if owner is incapacitated
Business is taken over by employees
What is the main advantage of a sole proprietorship?
Limited liability for debts
Complete ownership, so control over the business.
Access to more capital
Opportunity for income splitting
In a general partnership, who is personally liable for the debts of the partnership?
Only the managing partner
All partners equally
Only the partner who incurred the debt
None of the partners
Which type of franchise involves the sale of products or services?
Distributorship
Chain-Style
Manufacturing
None of the above
What are the essential elements of a partnership?
Sharing of profits and losses
Joint ownership of the business
Equal right to be involved in management
All of the above
Can a franchisor be held liable for the tortious acts of the franchisees' employees?
Yes, always
Yes, but only if the franchisor had knowledge of the acts
No, never
It depends on the specific franchise agreement
In a Sole Proprietorship, which of the following statements is TRUE?
It requires a large amount of capital to start.
The owner has unlimited liability.
It is governed by the Companies Act 2016.
It has a separate legal existence from the owner.
Which of the following business entities requires formal registration under the Companies Act 2016?
Sole Proprietorship
General Partnership
Limited Liability Partnership (LLP)
Private Limited Company (Sdn. Bhd.)
Which of the following is TRUE regarding the dissolution of a partnership?
A partnership cannot be dissolved by mutual agreement.
A partnership can only be dissolved through a court order.
A partnership can be dissolved if one partner declares their intention to terminate it.
A partnership cannot be dissolved by death or bankruptcy.
Reorder the following step by step guides to registering a partnership account in Malaysia :
Gather what required before start
Registering your business name
Registering your business
Receiving the certificate
Which legislation governs business registration in Malaysia?
Business Registration Act 1965
Business Registration Act 1956
Companies Act 2016
Trade Marks Act 1976
Under the Business Registration Act 1956, which of the following business entities is required to register with the Companies Commission of Malaysia (SSM)?
Sole proprietorship
Limited liability partnership (LLP)
Partnership
All of the above
What is a potential advantage of choosing a private limited company over a limited company in Malaysia for technology entrepreneurship?
Limited liability protection
Lower registration fees
Greater access to government contracts
Reduced administrative requirements
The company is not operating or carrying on business.
The company is making a lot of profit
The company is not making any profit
The company is owned by Malaysian
Which of the following represents a broad categorization of the types of entrepreneurship?
Social entrepreneurship
Corporate entrepreneurship
Serial entrepreneurship
All of the above
