Category: Bookkeeping

Bookkeeping

Definition of Business Expenses?

Business expenses are the costs of operating a business, such as advertising expenses or lease payments for the workplace. Understanding how business expenses contribute to your overall budget plan and whether one is tax-deductible can help you make business decisions to optimize your profits and tax savings if you are operating a business or thinking […]

Bookkeeping

Introduction to Partnerships

A partnership is a type of business structure where two or more individuals come together to carry on a business for profit. Unlike other business entities, such as corporations or sole proprietorship, partnerships involve shared ownership, management, and liability among the partners. Partnerships are often formed when individuals pool their resources, skills, and expertise to […]

Bookkeeping

Guidelines on Registering a Foreign Company

Under the Companies Act, the definition of a foreign company is a corporation, company, association, society or other bodies that are incorporated outside Malaysia. A foreign company can also be defined as an unincorporated association, society or other bodies that can sue others or be sued according to the step law of its origin, or […]

Bookkeeping

A General Guideline on Naming a Company

Giving a name for a newly incorporated company may be one of the first things that business (Also see Errors That You May Commit When Recording Business Transactions) owners would do when they set up a new firm. However, they may not know that there are some prohibitions and rules that they need to follow […]

Bookkeeping

An Overview of Private Company

If you want to incorporate a company in Malaysia, there are a lot of forms of business (Also see Guidelines on Registering New Businesses) entities that you can choose from. Some of the business entities include sole proprietorship, partnership, limited liability partnership (LLP), a private limited company (Sdn. Bhd.) and public limited company (Bhd.). Before […]

Bookkeeping

Categories of Expenses in Accounting

In accounting, expenses (Also see Direct Expenses and Indirect Expenses) are crucial elements that help businesses assess their financial performance and maintain accurate financial records. To effectively manage expenses, they are categorized into several groups based on their nature and contribution to the overall cost structure of a business. These common expense (Also see Accounting […]

Bookkeeping

Guidelines on Registering New Businesses

Businesses (Also see How to Set Up an Excellent Business Website?) include all forms of craftmanship, commerce, trade, profession and other activities that are carried out with earn profit as the main objective. However, this term does not include any employment, office, occupation, or charitable undertaking that are stated in the schedule according to the […]

Bookkeeping

Guidelines on Incorporating Local Companies

If you want to incorporate companies that are limited by shares, you may incorporate them as a private company or a public company. In Malay, the former is Sendirian Berhad (Sdn. Bhd.) while the latter is Berhad (Bhd.). You may make the company incorporation if you have the intention of forming a company. If you […]

Bookkeeping

The Incorporation of Companies Limited by Guarantee

The incorporation of a company limited by guarantee requires an application to the Registrar as well as the submission of its company constitution. Speaking of the company constitution, companies limited by guarantee are a bit different from other companies as they must have a constitution. Also, there are some limitations on the activities that they […]