Legal Buzz

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603-4280.6202
603-4280.8220

www.khalidiqbal.com.my

Keeping Your Business Out Of  Trouble And On Track

Issues 2

KIQ FAMILY
OUTING MONTHLY

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Weekly meeting every Wednesday
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JULY 2013


Meeting & Duit Raya contribution to staff
Date : 31 July 2013
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AUGUST 2013


KIQ Hari Raya Aidilfitri Celebration

OWN BOSS

 Be or Be Not?

Starting a business can be an exciting journey. You may decide to be a sole proprietorship, often called “free-style” business. In a sole proprietorship, you are your own boss. You are accountable to yourself, reap all the profits or solely bear the losses from your very own decision. 

Another option is partnership. Partnership has become the preferred type of business especially for professionals to pool their talents and resources. Why? Simply because they are not allowed to carry on their profession in another’s image or name such as in a company. Does it mean that it is the least preferred type of business because they are not allowed to incorporate a company? Definitely not! 

Partnership is easy in the sense that there is no hassle in filing documents such as for company. For example there is no requirement in law to file annual return to Registrar of Business. Some even believe that there is no need for a partnership agreement, suffice oral arrangement and on the basis of i trust you and your trust me. This culture is more apparent in our society especially we are moulded into the culture of trust. 

To avoid being personally liable to the business losses, the best option is to form a legal business entity by incorporating a company. By having a company, you are akin managing another person’s business to the best of your ability otherwise you may be sued by “this person” if you mismanage its business. There are strict requirements in the Companies Act 1965 and in recent years certain guidelines for best practises of managing company. But let’s not worry about it if your company is not among listed companies.

         

However, for the sake of certainty and of peace of mind, it is necessary to put into writing whatever been agreed among the intending partners and shareholders.

It is the most sensible action in every business venture that you must state in detail and as clearly and as comprehensive as possible what are your roles and the extent of your liabilities in the partnership and the company.






Note : We have, from time to time, been consulted by business owners in drafting documents and welcome any enquiry on partnership, shareholder and Join Venture Agreement.

SEPTEMBER 2013


Puan Farah's Farewell
Date : 30 September 2013

OCTOBER 2013


Movie Outing
Date : 11 October 2013

NOVEMBER 2013


Cik Ili Zafirah & Cik Nurul's
Birthday Celebration at
Old Town White Coffee
Date : 27 November 2013

DECEMBER 2013


Puan Ryna's 
Birthday Celebration at
Old Town White Coffee
Date : 6 December 2013