TAN YEW JIN TERRY YAP MUN HOE WILSON WINDSOR YAP LAU RUI ZHI LIM BOON

LEK

I12001476 I12001272 I11008333 I11008398 I11008453

CONTENT
LEGAL DEFINITION NATURE AND CHARACTERISTICS
ADVANTAGES AND DISADVANTAGES

 Sole proprietorship is the simplest form of business organisation. It is owned by one person, but it need not be operated by that person alone. A sole proprietorship can even have large numbers of employees.

Many sole proprietors start business under their own names because creating a separate business or trade name isn't necessary.
Personal assets, personal income and employment income are all liable. All profits flow directly to the owner of a sole proprietorship.

1. Easy Formation and Dissolution Can be easily formation and dissolution, as there are no legal formalities involved in it. 2. Easily Transferable Easily be transferred to another person without any restriction. 3. Relationship with customers The proprietor tries to keep good relationship with his customers. High values of good will be ordered if the customers know the proprietor well.

4. Freedom of Action In sole proprietorship, single owner is the sole master of the business, therefore, he has full freedom to take action or decision. 5. Legal Entity The business has no separate legal entity apart from the sole traders. 6. Legal Restriction No legal restrictions for sole traders to set up the business. But there may be legal restrictions for setting up a particular type of business. 7. Management The control of management of the business lies with the sole owner.

8. Ownership The ownership of business in sole proprietorship is owned by one person. 9. Profit The single owner bears full risk of business, therefore, he/she gets total benefit of the business as well as total loss. 10. Size The size of business is usually small.

11. Secrecy A sole proprietorship can easily maintain the s ecrecy of his business.
12. Risk The proprietor bears all the risks himself.

A) Less paperwork & additional formalities.(registration is easy, fast and fewer documents are needed) B) Price of entity formation is much cheaper and is not required by the Malaysian government to be audited. C) Not required to disclose financial statements to the public. D) Easy to convert into limited company. (SDN BHD)

E) A sole proprietor has complete control and decisionmaking power over the business. Owners may freely mix business or personal assets. F) All profits will be your personal property. G) No reports of accounts are required. H) Sole proprietor only need to pay personal income tax and not business tax.

 The sole proprietor of the business must be able to hold for the debts and obligations of the business personally. All responsibilities and business decisions fall on the shoulders of the sole proprietor.

 Investors won't usually invest in sole proprietorships. The death or prolonged illness of the sole proprietor will lead to the end of the business. Due to the limitations of a one-person business, the sole proprietor may not be able to raise additional capital from outside sources to expand the business.

 Established in November 1996. Main focus on individual residences, interior architecture and purpose design offices.

Lok Wooi, the principal of the firm, personally involved in the projects from design conception to final construction of the building.
Works recognized and published both locally and internationally.

Professional experience

September 1996 until now

Principal, Wooi Architect Project involvement: Exclusive Bungalows, Cooperate Office Headquarter and Mixed Development and Master planning.

1987-1989

Architect Assistant, H. Stossel and Partners, Sydney, Australia

1989-1991

Architect, Hoffer Reid and Coombs Architects, Sydney, Australia Senior Architect, CSL Design S/B, Malaysia Project involvement: -Design and Implementation 565 Room Urban Hotel, Club House, Casino and High-rise Apartments, Shopping Arcade.

1991-1996

Senior Architect, CSL Design S/B, Malaysia Project involvement: -Project Architect for 25 Storey High-rise Corporate Office, Resorts, Bungalows and Renovation.

March 1996August 1996

Director of CSL Design S/B Malaysia Project involvement: -Resorts, luxury Condominium Hospital, Bank Corporate HQ, Offices, Bungalows. In charge of Architectural Department including concept, planning and project implementation.

Awards, Academies and Publications

1993-1996 1999 -Invited as a guest critic occasion to Universiti Teknologi Malaysia and Institute Teknologi Mara (ITM) -Invited as a guest lecturer for one semester in Universiti Malaya, Kuala Lumpur -Invited as quest critic to Lim Kok Wing Institute of Creative Technology (LKCT School of Architecture) -Invited as a guest lecturer and external critic in Universiti Malaya, Universiti Putera Malaysia & Universiti Islam Antarabangsa -Member of organizing committee for WCTE 2002 (World Conference on Timber Engineering) -Speaker at Conference on Forestry and Forest Product Research (CFFPR) 2003

2000-2003

2004 2005

-PAM (Malaysian Institute of Architects) Awards for Excellence in Architecture for Single Residential Buildings -Speaker at Datum KL: 2005 (International Architectural Forum) -Appointed as The Convener for PAM Awards December

2006

-Runner up in Cityscape Architectural Review Award 2006 for Residential (built) category
-Speaker at World Architecture Congress (Cityscape Asia) on experiencing Tropical Spaces

2007

The company organization

Wooi Architect is quite well known in Architect field.
Interviewed by some magazines and books about architectural design for few times.

Small modeled consultant firm.

Advantages -Mr. Wooi working in home office instead of company, so he can have the maximum profits in all his projects. Disadvantages -The only worker of the company. -The efficiency has become limited.

 http://www.nytimes.com/allbusiness/AB4113314_primary. html http://www.malaysia.gov.my/EN/Relevant%20Topics/Make aBusiness/Business/PlanBusiness/FormsOfBusiness/SolePr oprietorship/Pages/SoleProprietorship.aspx http://www.investopedia.com/terms/s/soleproprietorship. asp#axzz2K193efTe http://www.informationbible.com/article-soleproprietorship-and-its-characteristics-49.html