As a registered business - sole proprietor or partnership - you dont need a company secretary, or have audited accounts. yes, save a lot of money.

but your records must be all done properly. you can do it on your own or outsource it. if you need help in this area, we can discuss.

cheers, eric.

If im not mistaken -

if you are given a company car - you must pay tax as a benefit-in-kind - e.g. if the benefit is rated at RM1,000, then you are taxed on that amount.

If the company has been transferred to your name - then technically when you sell it, the profit is taxable as an income on your part.

You cant run from taxes....

for a Sdn Bhd the cost is around RM 2,500 payable to the company secretary. they will take care of everything including advising you on share capital, that's minimum RM2.

keep in mind that SDn Bhd can be expensive so you have to see your future business plan and profits. there's monthly secretarial fee, annual audit fee, proper record-keeping... but i suppose if u gonna make lotsa money, a few thousand should be no problem, right?!

for sole prop / partnership, i think less than 200, just walk in SSM and fill in the forms with the names of business you have in mind.

bank account, no problem, just bring in the SSM forms to the bank with the money to open the account with. depends on bank, maybe 500 - 1000.

hope that helps

This post has been edited by ericcc: Dec 8 2011, 09:33 AM

i got a friend with a dormant company in stock. let me know.

Registering your business is one thing. then you have to apply for business operating licence from the municipal council for each premise you operate from.

Your co sec / auditor should be able to give you the best advice for all this.

mmm yummy yeah the bento sounds and looks good. go for it!

You will give the seller a Consignment Note whereby they will confirm the number of items received from you. Then when you collect back the items after a period, they pay you for the difference. simple.

what kinda products you doing?

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Added on February 23, 2012, 8:41 amDepends on how its worked out btw principal and introducer / sales agent. it can be 10% first-time fee, then perhaps 5% on every subsequent billing from the principal. Question is how to keep track of future sales. Your principal must be honest to disclose this.

This post has been edited by ericcc: Feb 23 2012, 08:41 AM

important thing is you have a good time doing the things u like, and you run the show, and you are happy doing it, then everything is OK!

contact CRADLE.

best thing i've read in this forum for a while! time to ponder on this.. thanks!

that's a good business model, the profit-sharing motivates everyone to put in their best. three cheers!

buy software and free advice comes together

yea, accounting software, and advice and accounting training comes with it. so @hokuan, @ icehart, if u want to look into it, contact us. it's important for new businesses to start off on right track.

This post has been edited by ericcc: Mar 9 2013, 12:32 PM

congrats, am sure it will be much more fulfilling than being at the office! three cheers

as far as i know, bottled beer is ok. licence for draught and liquors/wines

hi, assuming you have a sole prop / partnership:

1) Business bank account is good to keep things separate from your personal

2) Accounts - for sole prop the business and you is one and the same.

Sales less Costs and expenses, it is all yours as Profit.

You can of course give yourself monthly drawings and leave the balance in the business bank acct (that's why its better to have its own).

Good luck!

Invest in software for the long-term

But of course i'd recommend that... apart from software, then its Excel, keep all your bills and receipts, then at end of year pay someone to do the accounting for you. Either way there's always costs involved.

i deal in SQL Financial systems so of course i'd recommend that. when you are ready maybe we can meet and chat about your requirements.

let me know how it goes - the rates etc. i'm thinking of a booth there too.