QUESTION 2 (a) What are the effect of pre incorporation contrast according to common law and the Malaysian Companies Act 1950? Explain the cases relevant to the aforesaid matter. Introduction Often promoters of companies try to enter into contracts on behalf of proposed corporations in order to secure the contract before the time for incorporation or to confirm the contracts for the corporation before the expense of incorporation is incurred. Normally the promoter does not have any intention
Words: 4839 - Pages: 20
Companies Responsbilities Introduction Company responsibility is a process which aims to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. It is defined as a form of corporate self-regulation which is integrated into a business model. Company responsibilities functions as a built-in,
Words: 1943 - Pages: 8
2006, ASIC banned nine directors of failed companies for their individual breaches, including trading while insolvent, uncommercial and fraudulent transactions, failure to exercise duties in good faith and in the best interests of the corporation, failure to maintain proper financial records, failure to pay taxes due to the Australian Taxation Office (ATO), failure to pay statutory debts, and failure to provide administrators with a statement of company affairs.63 Mr. Stephen Vizard, the defendant
Words: 693 - Pages: 3
that you can gain insight into basic overview of what business type you may want to follow. Types of Business The two main sectors are Public and Private sectors. Public Sector Within the Public sector are companies which are owned by the government, either by local or national government authorities. In recent years many Public sector companies have become Private Sector organisations. This has been done through the Stock markets and shareholders. Private Sector Within the Private
Words: 1225 - Pages: 5
Context of Business Economic Environment Factors of production: Resources used to produce goods and services 1) Land (natural resources) 2) Labor (workers) 3) Capital (buildings, equipment) 4) Entrepreneurship 5) Knowledge/Information World Economic Systems 1) Communism: All factors owned by all people * Big government * No competition * Karl Marx 2) Socialism: Some factors owned by all people * More equal allocation of resources * Government/central
Words: 983 - Pages: 4
seven major forms of business: sole proprietorship (sole trader), partnership, limited liability partnership (LLP), and limited liability company (LLC), subsidiary or subchapter corporation (S), franchise, and corporate/company (C- traditional). The various forms of businesses are established and recognized by state laws. To determine the type of business form to use, it is important to know the differences, advantages, and disadvantages. Sole trader/proprietor is the clearest and simplest form
Words: 1219 - Pages: 5
aCHAPTER 1 BUSINESS ORGANISATIONS At the end of this Module the student shall be able to: Understand the various types of business organisations that can be established. Appreciate the advantages and disadvantages of each type of business Introduction A business activity is any legal activity that may be owned by one person as a sole proprietor or can be owned jointly by two or more people thereby creating a partnership. The main aim of many business operations is to make a profit either in the
Words: 31725 - Pages: 127
weaknesses represent the internal factors of the company while opportunities and threats represent the external factors. In the following a SWOT analysis will be conducted on a new proposed messenger company Metro Express. The analysis will be a part of initial planning process and determine what is unique about the company in addition to what is needed to sustain the business and meet mission and vision statements. Introduction Metro Express is messenger company that focuses on small and mid-sized businesses
Words: 1436 - Pages: 6
can avail this protection by paying premium to an insurance company. on Z. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over
Words: 2265 - Pages: 10
items that need to be addressed in establishing a small business. One of the first things to consider is, as what type of entity the company will be chartered or established, and what rules apply for the state in which the company is located. For the purposes of this paper, the potential small business owner will use the State of Colorado as the state in which the company will be headquartered and Colorado Springs as the city. The business that will be established is a high end pawnbroker in the north
Words: 1468 - Pages: 6
