The Fundamentals of Business Law in Malaysia
Definition of business
A business is an organization or enterprising entity enlisted in commercial, industrial or professional activities. A business can be a for-profit entity, such as a publicly-traded corporation, or a non-profit organization engaged in business activities, such as an agricultural cooperation. Moreover, business can also be defined in a simple meaning as a person's practice of living by engaging in the commerce.
Explanation of Business Law in Malaysia
Broadly speaking, business law refers to the laws that apply to business entities, such as partnerships and corporations. It can also be considered as the laws relating to setting up and operating such businesses. Business law also states the rules and legislation that all businesses should follow specifically in Malaysia.
In a simplified meaning, Business Law in Malaysia explains the procedures and regulations which all businesses in Malaysia are obliged to. This is implemented to ensure all businesses to run and go on well based on the procedures to avoid trouble upon the ongoing process of the businesses. There are many different types of businesses affecting the law in Malaysia. Below are few examples.
- Contract law ( Contract Act 1950 )
- Company law ( Companies Act 1965 )
- Agency law ( Agencies Act 1971 )
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