FACULTY OF BUSINESS & MANAGEMENT

SEMESTER MAY / 2016

BBUS 2103
COMPANY LAW

MATRICULATION NO :
IDENTITY CARD NO. :
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LEARNING CENTRE

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Table of contents

Page

1.0 Introduction

2.0 Forms & Features of Business Entities

3.0 Recommendation on Concept of separate legal entity

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4.0 Recommendation on Concept of separate legal entity

17

5.0 Conclusion

21

6.0 References

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1.0 Introduction

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1.1 Business Entities
No entrepreneur can deny that the growing business challenges in the new millennium. The
business covers all activities and businesses that provide goods and services necessary for an
economic system (M.B. Muda et. al., m.s 3).
The success of a business is strongly influenced by the type of entity chosen by a dealer.
Unfortunately, most traders do not really realize and understand the importance of business
entities the right or correct.
1.2 Definition of Business Entities
The business entity is a business entity that has its own function (P.S. Young et.al., M: S 28).
Therefore, the business can be classified based on the form of business ownership, business
activities are carried out, the industry sector in which the business operates, the type of output
that is published and marketed as well as business levels in the industry.
Before forms are described in more business, better understand some of the basic concepts of
business first. These include: i.

Concept Business Liability

Entrepreneurs who venture into businesses often face a variety of risks, especially businesses that
have unlimited liability. Business liability is liability and responsibility that must be shouldered
by businesses from now (the current period) until the future before the liability is settled at a
predetermined time period (Zumilah Zainalaludin, M: S 31). Basically, liability business is
divided into two main types, namely limited liability and unlimited liability.
Limited liability is the liability limited to the amount of business investment has been invested in
the business in question. If the business owner is not able to explain all the liabilities of the
business when his business went bankrupt (failed), then the business owner's personal assets will
not be directly involved in settling the liabilities of the business. This means that business owners
limited liability only will lose the total capital invested in the business only for the purpose of
business liability retire earlier. Alone business, public business or a business partnership can be
registered as a limited liability business. Business name alone and the limited liability
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partnership must end with the word "PT. Bhd. "Or" Bhd. "Example: Addison Wesley Longman
Bhd. Public business should also show the words "PLC" at the end of the business name.
Example: Olympia Plc., Tanjong Plc.
Business owners who have unlimited liability involving personal assets to settle liabilities in a
business if business experience something unfortunate. This means that business liability is not
limited to the amount of investment the owners have invested in the business in question.
Example: Mariah Carey, Shops Cheong Fatt.
ii.

Sole proprietorship and Public

Countries that adopt the system of mixed economy such as Malaysia and Britain have private
businesses as well as public business.
Private business (private enterprise) refers to a business that is owned and operated by private
individuals (some of the public) that are usually for profit. Alone business entities carrying out
various business activities. Companies and corporate business are business entities that fall into
this category. Example: XYZ Barber Shop, Public Bank Berhad.
Business areas (public enterprise) refers to a business entity owned by the state (all of the
public). Business areas administered by the central government or local governments. Business
areas often serve as the implementing agency of public policies and the government's objective
was purely social goals. Example: The Road Transport Department, State Development
Corporation.

1.2 Types of business entities:

a) Sole Proprietorship (also known as Sole Trader)
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b) Partnership
c) Limited Company (SDN. BHD. or Sendirian Berhad or BHD. or Berhad)
d) Foreign Companies
e) Limited Liability Partnership (LLP)
1.2.1

Sole Proprietorship (also known as Sole Trader)

Like many other countries out there, the Sole Proprietorship business entity in Malaysia is owned
solely by one individual, as his/her liability is unlimited. Unlimited liability means if a business
fails or is declared bankrupt, creditors can sue the sole proprietors owner for all debts owed to
respective merchants. This means personal assets, personal income and employment income are
all liable.
1.2.2

Partnership

The Partnership business entity is a joint-entity holder with two or more persons to carry out a
legal business in Malaysia. The Companies Commission of Malaysia requires that partnership
entities must comprise of at least two (2) members and a maximum twenty (20) members.
Partners in a partnership business entities are also bounded by unlimited liability.
1.2.3

Limited Company (SDN BHD or BHD)

Sendirian Berhad (SDN BHD) is a private limited company, where it prohibits any invitation to
the public to subscribe to any of its shares, deposit money with the company for investment or
subscription. Minimum members in a private limited company is two (2) and maximum is fifty
(50).
Berhad (BHD) is a public limited company where its shares can be offered to the public for fixed
periods and any other forms of subscription. The minimum amount of members (shareholders)
are TWO (2) and maximum of unlimited amount of members.

There are three (3) types of limited companies in Malaysia:

i.

Limited by Shares
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ii.

Limited by Guarantee

iii.

Unlimited company with/without share capital

1.2.4

Foreign companies

Foreigners (non-Malaysian residents) are allowed to register a private limited company in

Malaysia, so long as two (2) of the companys directors are permanent (principal place of
residence) residents in Malaysia.
Foreign companies are companies already incorporated (formed) outside of Malaysia but set up
its business premises and operations in Malaysia. There are two ways to go about being a
foreign company in Malaysia:
i.

Register a branch in Malaysia,

ii.

incorporate a local company

1.2.5 Limited Liability Partnership (LLP)

This business entity was proposed in 2003, but have yet to be fully implemented by the
Companies Commission of Malaysia (CCM in English or SSM in Malay).

2.0 Forms & Features of Business Entities

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Forms of Business Ownership
One basis for classifying a business is the ownership of the business itself. Business ownership
perspective of the owner or sole proprietor. There are four forms of business ownership that is a
sole proprietor, partnerships, companies / corporations and cooperatives. Each form of business
ownership that the earlier features, strengths and weaknesses.
A. Sole (Sole Proprietor / Trader)
Business forms such as grocery stores, mini-markets, stalls most numerous in our country,
Malaysia. The main characteristics of this business are:
i.

Owned by one owner. The owners act as business managers and

employees. Sometimes business owners are assisted by family members
and one or two assistants employed.

ii.

Business capital contributed by the owners themselves from the savings or

loans from family.

iii.

The business owner must register the business with the Registrar of
Business. Business registration can be made by using the owner's name as
Ahmad Kamal Shops or business name such as Pasar Mini Shorty Mille.

iv.

Sole proprietorship is a business that sells one type of product or service

that does not require large capital.

Advantages Sole Proprietorship

i.

Easy to set up, developed and dissolved.

ii.

The cost of establishment and business overhead costs low.

iii.

Independent business owners to manage, control and make business decisions

iv.

Business owners get more satisfaction for all profit and loss dependents, provide personal

service to customers.
v.

Income tax for individuals and businesses do not have audited accounts as reported to the

Inland Revenue Board (IRB).

Disadvantages Sole Proprietorship
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Sole proprietorship also has some drawbacks. Among the weaknesses are:
i.

Business owner's personal assets are at high risk because these businesses form unlimited

liability.
ii.

Capital, ideas and management skills make it difficult for business owners limited

commercial development.
iii.

Long working lives of business owners and non-free for a long vacation.

B. Partnership (Partnership)
Business partnership is an extension of a single business. This form of business combination is
formed and operated by two or more persons with the aim of obtaining profits. Owners known as
a business partner. There are several types of business partners. Among them are:
i.

ii.

iii.

iv.

General Partner

have unlimited liability

very active in business operations

contribute capital

Partner Limited

have limited liability

not active in business operations

contribute capital

Partner's sleep / Sleep (Sleeping Partners)

contribute capital

eligible to receive benefits

not active in business operations

Partner Nominal
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do not contribute capital

allow the name to be used

people who have / have a high level of credibility

also bear all liability partnership

Features of Business Partnership

i.

Total capital contributed by the partners based on conditions / agreement enshrined in a

written agreement called the Articles of Partnership.

ii.

Total profit attributable to all business partners based on conditions / capital as stated in
Article Partnership.

iii.

At least two of the owners but not more than 20 persons of ordinary business, 10 people
for the bank, the number of partners is not limited to the professional field.

iv.

Registered with the Registrar of Business (ROB). Can register a business partnership
with a business name or partners.

v.
vi.

Unlimited business liability except for limited partners.

Activities managed by the business operational active partner. In return, the partners paid
salaries / allowances under the terms of the agreement.

vii.

Business partnerships are not taxable businesses. The partners need to pay personal
income tax.

Advantage Business Partnerships

i.

Easy to set up. A partnership is a continuation of business as a sole proprietorship.

Therefore, the procedure for establishing business partnerships are not a lot of difference
compared to the business as a sole proprietorship.

ii.

Merging ideas, particularly in the early stages of setting up a partnership. The ability to
think of the idea that many partners can give confidence to the advantages of a
partnership for dealing with competitors existing in the market.

iii.

Can mobilize the energy, skills and expertise that are different. Discussion and
specialization can take place between partners.

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iv.

Easy to get financial resources, especially from financial institutions. The bank or finance
company (Finance) believe that the public partner to facilitate business partnerships to
settle its obligations.

v.

Ability to develop the business. With sufficient capital as a result of the contribution of
equity partners, a partnership can seize business opportunities and develop business with
ease.

vi.

Business partnerships are not taxable businesses. Based on the profit earned, a business
partner of each partnership are required by law to pay personal income tax to the Inland
Revenue Board.

Weakness Business Partnership

i.

Liability / Liability unlimited. All business partners unlimited liability partnership unless
limited partners. This means that if the partnership had to go out of business, the creditor
may claim debt from the personal assets of the business partner.

ii.

Simple conflict or misunderstanding. Many partners to influence decision-making.

Opinions and whims partners vary often the cause of misunderstandings or disputes. This
problem will affect the harmony among the business partners.

iii.

The existence of the partnership did not last. If a partner withdraws from the partnership
business, death, insanity or is declared bankrupt, then the partnership is dissolved by
itself. If partners want to pursue other business partnership, they have to register a
business partnership with the Office of the Registrar of Business (ROB).

iv.

Business ownership is difficult to move. Based on legal business, desire a partner to

transfer the ownership of its business need, first, to get the agreement of the partners of
other businesses. If not, the transfer of business ownership that is not valid.

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C. Corporate Corporation
Limited Company (SDN. BHD. or Sendirian Berhad or BHD. or Berhad)
Corporate Corporation is a form of business set up under the force of the law (Companies Act)
and registered by the Registrar of Companies. This means corporations registered may conduct
business activities, own or sell property, borrow money, and acted upon by the court and make
any agreement with any organization (Zumilah Zainalaludin, 1999, M: S 40).
Features Form Corporate Corporation
There are three types of business corporations which limited companies (private), public
companies, and statutory bodies. In addition, corporations can also be classified into a limited
company or an unlimited company. Limited companies, regardless of limited company (private)
or public company, divided into a company limited by guarantee, a company limited by shares
and a company limited by guarantee and stock.
i.

Limited Company (Private)

Private limited companies can be recognized easily. Every private limited

company name ends with the word private or Sdn. Bhd.

The owner or shareholder of a private limited company consisting of 2 to 50

people. All business owners limited liability.

The owner / shareholder of a private limited company that contributes the

business capital. They are strictly forbidden to collect capital from the public.

Shares of limited companies can be traded but not done openly in the market.

Shareholders who own 51% or more of the total ordinary shares of private limited
companies, the right to control the companies concerned.

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ii.

Public Limited Company

A public limited company can be recognized by the word "Berhad" / Bhd. At the
end of the company name. There are two types of public limited companies which
are listed on stock exchanges such as the Kuala Lumpur Stock Exchange (KLSE)
and unlisted public companies.

Public limited company Capital raised through the sale of shares and bonds to the
public.

The shareholders of public limited companies free to buy and sell shares on the
stock market (KLSE). This means the transfer of shares does not require the
consent of other shareholders in the company.

The minimum number of shareholders is 2 and can exceed 50 people. The number
of shareholders is dependent on the number of shares held by members of the
company and the type of shares issued.

iii.

iv.

Business owners have limited liability to total capital invested in the business.

Public Company Limited by Guarantee

Held by many owners of such associations.

Not-for-profit, is only intended for the welfare of the business investors.

Guaranteed by the government or government agency.

Statutory Bodies

Set up by the government which aims to develop an industry or protect the

interests of the masses.

Formed under an Act of Parliament.

Statutory bodies that conduct business like State Economic Development

Corporation, FELDA and the farm organizations known as public companies.

Some regulatory authorities in Malaysia have been privatized through the

privatization policy and (Persyarikatan) starting-1980s. Among them, the system
of Telekom Malaysia, MAS, the National Electric Energy, Postal Service, the

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Inland Revenue Board (IRB), University Malaya (UM) and so on. Shares of
statutory bodies manner than has been sold to the general public.
Advantage Corporate Corporation
Owners have limited liability to the amount of capital invested.
A clear legal status and must be followed exactly. Shareholders are protected by law.
Large Capital facilitate business growth.
Forms of business corporations is more stable because it is a separate entity with business
owners.
Business management in corporations more efficient because it is managed by a professional
management team.
Weakness Corporate Business Corporation
Corporations operation controlled by strict laws.
Management of corporations controlled by the board of directors and non-business owners.
Management and business owners especially public companies separated. Waste and abuse of
power possible and easy to apply.
Taxes levied on corporations are higher than other forms of business. Taxes consist of taxes on
undistributed profits of companies and the tax on dividends earned by each shareholder.
The company's financial statements must be audited by a qualified auditor and distributed to
shareholders.
Annual report of corporations to be submitted to the Registrar of Companies and shareholders
The establishment and registration of corporations more difficult and complex than businesses
are sole proprietorships and partnerships.

iv.

Cooperative

Cooperative is a business entity formed voluntarily for the welfare of its members on the basis of
cooperation and mutual help. There are two forms of cooperatives, namely cooperatives whose
membership is restricted to a certain type of work, areas and backgrounds such as Cooperative
Teachers Peninsular Malaysia, the National Cooperative Union of Teaching Profession (MPIC)
and cooperatives whose membership is free as Housing Cooperative, Consumer Cooperative.
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Features Cooperative
i.

Cooperative capital acquired through fees either monthly fees or annual fees paid and the
shares purchased by members.

ii.

Every member of the cooperative is required to buy at least 100 shares but not more than
one-fifth of the total capital of the cooperative.

iii.

Every member of society has only one vote in any co-operative appointment.

iv.

Cooperative managed and administered by a board member appointed by the cooperative

members during the Annual General Meeting.

v.

Daily management of cooperatives run by a management committee appointed by the

Board of Directors of Cooperative.

vi.

Cooperative must be registered with the Cooperative Development Department.

vii.

Profit attributable to members of the cooperative, either once or twice a year, in the form
of dividends or bonuses, or both.

Advantages Cooperative
i.

Concern for the welfare and interests of the members and not only for profit.

ii.

Mobilize the energy, capital and gather people interested in improving their economic
position through the concept of cooperation.

Disadvantages Cooperative
i.

Cooperative activities dominated by members of the board of directors for the

cooperative members are less active.

ii.

Cooperative operation is closely monitored by the Department of Cooperative

Development. If the cooperative does not comply with the rules of operation, the registrar
of the Cooperative Development Department (JPK) has the right to close cooperative
operation based on the powers available to it.

iii.

Cooperative financial statements must be audited by the internal auditor and certified
auditor.

iv.

Annual general meeting, which was attended by many members as possible could
undermine the cooperative management system.
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E. Venture (Joint Venture)

The joint venture is a type of temporary partnership for the purpose of completing a task, project
or special task within a certain time frame such as the festive season. When working, project or
special task is completed, then the type of business partnership will be dissolved. This means that
the lifespan of the joint venture business depends on the performance of a business, project or
special task.

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3.0 The Concept of a Separate Legal Entity

The company has its own entity in law. This means that the rights and responsibilities of being a
separate company with the members of the company itself. This rule is called the principle of
separate entity. It has been explained in detail in the case

3.1 Separate Legal Personality

Salomon v Salomon & Co
Salomon v Salomon & Co. Ltd. (1897) AC (HOL). Originally Mr Salomon is a businessman
running shoe business. Having developed its business grew, he formed a company called
Salomon & Co. Ltd. He is the largest shareholder and the rest is owned by the children and his
wife as his nominee. The fact that all the company's shares are being owned by Solomon himself.
Salomon also, personally become one of the creditors of the company. After the company's
business losses were made, the company had been dissolved. Solomon was the same as in the list
of creditors claims in the process of debt repayment of the debts of the company.
Unfortunately, her application was rejected by the liquidator on the grounds that he and his
company are the same person. Solomon had made a claim to court and sue his own company to
recover its debt payments. Issue or question in this case, did Solomon personally liable for the
debts of the company? If not, whether he is entitled to claim the debt from his own company?
Court House of Lords has ruled that the establishment of the company will establish a separate
entity between the company and its members. In this case, even between Solomon and Solomon
& Co. Ltd. In fact the same person, Solomon still entitled to claim as a creditor debts. Between
Solomon and his company existed two separate entities according to the law.

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3.2 Limited Liability

Lee vs. Lee's Air Farming Ltd.
In case, Lee has set up his own company, Lee's Air Farming Ltd. Most of the shares owned by
him. He is also a director of the company and also worked with the company as chief pilot. He
was killed while carrying out their duties. Lee's wife was claiming compensation as an employee
pursuant to the laws of New Zealand at the time. The court did not allow the claim on the
grounds that Lee is not a company employee, as he himself had company. However the Court of
Appeal allowed the claim and Lees wife. The Court of Appeal held although Lee is the owner of
the company but in the law firm and its members are two different entities. Therefore, Lee can
act as the company's employees other than the owner of the company.
Once the company is incorporated, the new entity will be formed and it is separate from the
company's members, directors and shareholders. This principle still applies if a company is a
member of the public or only be managed by a single individual as it was decided in both cases
above.
3.2 Perpetual Succession
A company does not die, once it formed, it will continue until such time as its name is struck off
or dissolved through a legal process known as winding up or liquidation even though without
any directors, members employees, business etc and a good example is shown in the case of Re
Noel Tedman Holdongs Pty Ltd (1967) Qd r 561.
Moreover, in Abdul Aziz Bin Atan & 87 Ors v Ladang Tengo Malay Estate Sdn Bhd (1985) 2
MLJ 165 case, it shows the fact that a member, even one holding one hundred per cent of the
companys share, dies has no effect on the legal existence of the company i.e members may
come and go but still does not affect the legal personality of the company.

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3.4 Power to own property

A company is cable of owning property, making contracts, employing people and being sued or
of suing. Thus, a company may own property distinct from the property of its members.
The property of the company belong to the company itself and not to the individual members, so
that even the largest shareholder has no insurable interest the property of the company.
Therefore, a change in membership of a company will have no effect on the ownership of the
companys assets.
Example, Macaura v Northern Assurance Co Ltd (1925) AC 619 , in this case Mr M transfer his
interest in a timber plantation to a company control by him. He had insured the timber in his own
name but fail to transfer the insurance policy to the companys name. When the timber was
destroyed by fire, the insurance company refused to pay off under his policy because he did not
have an insurable interest in the timber as he was not the owner. The company was the owner of
the timber, members of the company only have shares in the company. The change in the
ownership will not effect the ownership of the property.

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4.0 Recommendation on Concept of separate legal entity

Legal consequences of the separate legal entity concept
There are many legal consequences of the separate legal entity concept after the decision in
Salomons case. Once a company is incorporated, some of the consequences would be flowing
from the application of the separate identity principle. The main consequence includes distinction
between private and company debts; distinction between private and company assets; company
contracting with its member (as employee and director); and company liable in tort to a member.
Further detail explanations are as follow.
Firstly, the debts are undertaken into the companys name is belong to the company as well as
not to the controller or director or any other else. This is confirm by the House of Lords when
make a decision in Salomons case. In this way, the debts or liabilities are liable by the company
due to separate legal person. However, there have some exceptions in certain circumstances, that
is, common law can be modified by statute law. For example, Section 588G and Section 197 of
the Corporation Act 2001 applies that directors of a trustee company or directors on grounds
public policy can be personally liable for corporate debts incurred during trading while insolvent
(see: CA s588G & s197).
Secondly, assets purchased by the companys name are belong to the company. It does not belong
or owned to the directors, shareholders and other else even though the shareholders who own
100% of the shares also do not have the right to own the assets of the company. This is because
company is a separate legal entity and can own property in its own right (see CA s124), which
means the company is legal owner with ownership right to the property. The case of Macaura v
Northern Assurance Co Ltd (1925) AC 619 shows that a company holds its property separately
from the property of its members.

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Thirdly, a company, as a separate legal entity, can enter into contractual relations with the
shareholder or director due to they are company controlling members. This can be illustrated in
the case of Lee v Lees Air Farming Ltd (1961) AC12. This case shows that the company could
enter into an employment contract with Mr. Lee. Lord Morrison as he is a major shareholder of a
company.
Lastly, employer in a company, as a separate legal entity, owes an obligation to provide a safe
system of work with no matter of the injured employees may also be a director or controller of
the company. For example, the High Court was make a decision in the Andar Transport Pty Ltd v
Brambles Ltd (2004) 206 ALR 387; (2004) HCA 28. This case illustrates the consequences
arising from the intersection between legal principles in corporate law and the employers duty
of care to provide a safe system of work arising under employment law.
Therefore recommendations are made to the act to prevent injustice brought due to the
amendment.
Court have to be careful in screening applicants qualification to make sure they have fulfilled s
181A (4) (a) until (d) regarding the complaint prior to granting court leave. This will require the
complainants to ensure they comply to s 181B (2) which offer 30 day writing notice regarding
the application. A lot of money, effort and time could be saved when it is identified earlier that
the applicant failed requirement.
Another solution is to be strict with the applicant to identify whether or not their application is
intended to be good and aimed at companys best interest. Applicants may have bad intentions
such as aiming for collateral benefit in the instance court leave in approved. Court also can
acquire applicants to show physical evidence in the context of minority fraudulent or evidence
that directors involved in oppressive manner. In the instance no concrete evidence is presented,
court may not grant court leave in favour of the applicant.

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5.0 Conclusion
This report is a very effective conduct to study a problem. It helps us to know a company
formed. This report makes us possible to find out new things and ideas and make accessible us
accurate and consistent information which can be used as basis for making decision for
immediate and future actions. All the way through the report we can reach the solution of an
exacting difficulty.
The rise of the modern state system was closely related to changes in political thought, especially
concerning the changing understanding of legitimate state power. Early modern defenders of
absolutism such as Thomas Hobbes and Jean Bodin undermined the doctrine of the divine right
of kings by arguing that the power of kings should be justified by reference to the people.
Hobbes in particular went further and argued that political power should be justified with
reference to the individual, not just to the people understood collectively. Both Hobbes and
Bodin thought they were defending the power of kings, not advocating democracy, but their
arguments about the nature of sovereignty were fiercely resisted by more traditional defenders of
the power of kings, like Sir Robert Filmer in England, who thought that such defenses ultimately
opened the way to more democratic claims.
These and other early thinkers introduced two important concepts in order to justify sovereign
power: the idea of a state of nature and the idea of a social contract. The first concept describes
an imagined situation in which the state understood as a centralized, coercive power does not
exist, and human beings have all their natural rights and powers; the second describes the
conditions under which a voluntary agreement could take human beings out of the state of nature
and into a state of civil society.

(Word count = 4,050)

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6.0 Reference
1. Langford, R. (2011). The Duty of Directors to Act Bona Fide in the Interests of the
Company: A Positive Fiduciary Duty? Australia and the UK Compared. J Corp Law
Studies, 11(1), pp.215-242.
2. Lipton, P. and Herzberg, A. (2001). Understanding company law. Sydney: Lawbook Co.
3. Mason, H. and OHair, J. (1973). Australian company law. Sydney: McGraw-Hill.
4. Paterson, W. and Ednie, H. (1962). Australian company law. Sydney: Butterworths.
5. Quilter, M. (2009). The company law notes. Pyrmont, N.S.W.: Thomson Reuters.
6. Ramsay, I. (1997). Corporate governance and the duties of company directors.
Melbourne: University of Melbourne, Centre for Corporate Law & Securities Regulation.
7. Sealy, L. and Rider, B. (1998). The realm of company law. London: Kluwer Law
International.
8. https://pengajianperniagaan.wordpress.com/bab-1/bab-1/1-3-entiti-perniagaan/
9. http://www.academia.edu/6672487/BBUS2103_-_Tugasan_Undang_-_Undang_Syarikat
10. http://www.uniassignment.com/essay-samples/law/the-separate-legal-entity-concept-lawcompany-business-partnership-essay.php

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