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BENTUK HUKUM

PERUSAHAAN

Sole Proprietorship

Partnership

Corporation

PERUSAHAAN
PERSEORANGAN
Kerugian
Tanggung jawab tidak terbatas
Besarnya usaha terbatas
Umur perusahaan terbatas
Modalnya terbatas
Kontinuitas tidak terjamin
Susah memperoleh kredit
Tergantung pada seseorang
Butuh banyak waktu
Hilangnya kenikmatan (fringe benefits)

PERUSAHAAN
PERSEORANGAN
Keuntungan
Biaya pendiriannya murah
Menjadi Boss untuk dirinya sendiri
Merupakan kebanggaan
Mudah berdiri dan bubar
Bebas mengoperasikan
Keuntungan pajak
Dapat diwariskan
Keuntungan dimiliki sepenuhnya

PARTNERSHIP

Kerugian
Tanggung jawab tidak terbatas
Keuntungan harus dibagi
Kontinuitas tidak terjamin
Pemerolehan kredit terbatas
Sulit untuk diakhiri
Kemungkinan terjadinya konflik

PARTNERSHIP

Keuntungan
Mudah mendirikannya
Modalnya cukup memadai
Lebih lama bertahan
Biaya pendiriannya murah
Lebih banyak ahli yang terkumpul
Keuntungan pajak

FIRMA

Pasal 16 KUHD
Persekutuan untuk menjalankan perusahaan di
bawah nama bersama

Imo Gandakusuma

COMANDITAIRE
VENNOTSCHAP

Pasal 19 KUHD
Bentuk perjanjian kerjasama untuk berusaha bersama
antara

orang-orang

yang

bersedia

memimpin

pengelolaan perusahaan dan bertanggung jawab


penuh dengan kekayaan pribadinya dengan orangorang yang memberikan dana yang tidak bersedia
memimpin dan bertanggung jawab sebatas pada dana
yang ditanamkannya.
Imo Gandakusuma

KEANGGOTAAN CV

General Partner

Aktif

Limited Partner

Non Aktif

Silent Partner

Publicity

Secret Partner

Aktif & non Publicity

Dormant Partner

Non Aktif & non Publicity

Nominal Partner

Non Pemilik saran

BENTUK LAIN
PARTNERSHIP

Limited Liability Partnership :


Partnership yang membatasi risiko tanggung renteng hanya
atas tindakan partner yang bersangkutan dan tidak harus
bertanggung jawab atas tindakan partner lainnya

PERSEROAN TERBATAS

Kerugian
Mudah diambil alih secara paksa
Biaya pendiriannya mahal
Beban administrasi tinggi
Timbulnya konflik agency problems agency cost
Terikat pada peraturan (UU PT)
Sulit untuk dihentikan
Besarnya usaha tidak fleksibel
Pemilik terkena pajak berganda
Kurangnya rahasia perusahaan

PERSEROAN TERBATAS

Keuntungan
Tanggung jawab terbatas
Kontinuitasnya lama
Besarnya usaha
Menggunakan SDM yang profesional
Mudah mendapatkan tambahan dana
Kepemilikan mudah untuk dipindah tangankan
Mudah untuk berkembang
Terpisahnya kepemilikan dengan manajemen

JENIS - JENIS PT

PERBANDINGAN

Source : Nickels, McHugh/McHugh page 128

STOCKS

Shareholders claim on the assets of the firm

AUTHORIZED, ISSUED, AND


OUTSTANDING STOCKS

Authorized Number of Shares :

The maximum number of shares of a corporations capital stock


that can be issued as specified in the charter

Issued Shares :

The total number of shares of stock that have been sold

Outstanding Shares :

The total number of shares of stock that owned by stockholders


on any particular date

STOCKHOLDERS RIGHT

Voting Right

Choose Directors
Other decisions
Dividend Right
Liquidation Right
Preemptive Right

STOCK PRICES
52 WEEKS
YLD
VOL
NET
HI LO STOCKSYM DIV % PE 100s HI LO CLOSE CHG
52.75 19.06 Gap Inc GPS 0.09 0.5 15 65172 20.50 19 19.25 -1.75
Wall Street Journal, March 6, 2010

STOCK

EXAMPLE 1

STOCK

EXAMPLE 2

TYPES OF STOCKS VALUE

Different Values of Stock :

Market Value

Selling Value

Redemption Value

Liquidation Value

Book Value

Intrinsic Value

INTRINSIC VALUE

Nilai saham yang didasarkan atas kemampuan


perusahaan menghasilkan uang dan keuntungan
dimasa yang akan datang
Contoh :
Saham BCA harga pasar 1.500/lembar, dibeli oleh
Farallon Indonesia sebesar 1.775 intrinsic value

BOOK VALUE
Stockholders Equity
-------------------------------------------------------------------Paid-in Capital :
Preferred Stock, 6%, $10 par,
5.000 issued
50.000
Common Stock, $1 par, 20.000 sh
authorized, 10.000 sh issued
10.000
Paid-in Capital in excess of par
210.000
Total Paid-in Capital
270.000
Retained Earnings
120.000
Total Stockholders Equity
390.000
Book Value C/S = 390.000 50.000 = 340.000
Book Value C/S per share = 340.000/10.00 = 34

OWNERS EQUITY

Stockholders Equity :
Contributed Capital/Paid-in Capital
Retained Earnings

ELEMENTS
Stockholders Equity :
* Paid-in Capital :
Common Stock
* Retained Earnings
Total Stockholders Equity

100
300
400

OWNERS RIGHTS
Stockholders Rights :

Voting Right
Choose Directors
Other decisions

Dividend Right
Liquidation Right
Preemptive Right

ISSUING STOCK
ACCOUNTING
Perusahaan menjual 3.200.000 lembar saham biasa, par $ 10,
seharga $ 10
Dr. Cash..32.000.000
Cr. Common Stock..32.000.000
Menjual 3.200.000 lembar saham, par $ 10, seharga $ 100
Dr. Cash320.000.000
Cr. Common Stock..
32.000.000
Cr. Capital in Excess of par.
288.000.000
(Paid in Capital in excess of par)

REPORTING

Stockholders Equity
Paid-in Capital:
Common Stock, $10 par, 5.000.000 shares
authorized, 3.200.000 issued
$ 32.000.000
Capital in excess of par
288.000.000
Total paid-in capital
$ 320.000.000
Retained earnings
100.000.000
Total stockholders equity
$ 420.000.000

STOCK VS ASSETS
Perusahaan mengeluarkan 1.500 lembar saham par $ 10, dan
memperoleh peralatan dengan nilai pasar $ 4.000 dan
bangunan dengan nilai pasar $ 120.000
Dr. Equipment..

4.000

Dr. Building..120.000
Cr. Common Stock

15.000

Cr. Capital in excess of par109.000


Ethical Problem

ISSUING
PREFERRED STOCK
Perusahaan mengeluarkan saham preferen
1.000 lembar par $ 500, dengan harga $ 600
Dr. Cash.. 600.000
Cr. Preferred Stock 500.000
Cr. Capital in excess of par-P/S. 100.000

PREFERRED STOCK
Preferred Stock memiliki ciri :
Tidak memiliki hak suara
Dividennya bersifat tetap
Pembagian dividennya didahulukan
Liquidation right didahulukan
Risikonya lebih kecil dari common stock

TYPES OF
PREFERRED STOCKS
Current Dividend Preferred Stock

hanya mendapat dividen pada saat adanya pembagian dividen


Cumulative Dividend Preferred Stock

setiap tahun berhak memperoleh dividen, bila ada dividen


yang belum terbayar, maka akan diakumulasikan pada saat
pembagian dividen berikutnya
Participating Dividend Preferred Stock

selain memperoleh hak dividenyang sudah ditetapkan,


pemegang saham P/S mendapat tambahan dividen jika
jumlah dividen yang dibagi sangat besar

STOCK COMPOSITION
Stockholders Equity
Paid-in Capital:
Preferred Stock, $100 par, 5.000 shares
authorized, 1.000 issued
Capital in excess of par-P/S
Common Stock, $10 par, 50.000 shares
authorized, 10.000 issued
Capital in excess of par-C/S
Total paid-in capital
Retained earnings
Total stockholders equity

100.000
150.000

100.000
500.000
850.000
115.000
965.000

$
$

DIFFERENT TYPES OF
DIVIDENDS

Many companies pay a regular cash dividends


Public companies often pay quarterly.
Sometimes firms will throw in an extra cash dividend.
The extreme case would be a liquidating dividend.
Often companies will declare stock dividends
No cash leaves the firm.
The firm increases the number of shares outstanding.

DIFFERENT TYPES OF
DIVIDENDS 2

Some companies declare a stock split


No cash leaves the firm.
The firm increases the number of shares outstanding
The firm reduces the par value with the same percentage of
increases in the number of shares outstanding
Some companies declare a stock repurchase (share buy back)
The firm uses it cash to buy back shares of its stock
The shares are held by the firm and accounted as treasury stock

DIFFERENT TYPES OF
DIVIDENDS 3

Some companies declare a dividend in kind.


Wrigleys Gum sends around a box of chewing gum.
Dundee Crematoria offers shareholders discounted
cremations.

PROCEDURE FOR CASH


DIVIDEND PAYMENT
25 Oct.

1 Nov.

2 Nov.

6 Nov.

7 Dec.

Declaration
Date

ExCumdividend dividend
Date
Date

Record
Date

Payment
Date

Declaration Date : The Board of Directors declares a payment of dividends


Cum Dividend Date : The last day the buyer of a stock is entitled to the
dividend
Ex Dividend Date : The first day that the buyer of a stock is not entitled
to the dividend
Record Date : the corporation prepares a list of all individuals believed to
be stockholders as of 6 November.
.
Payment Date: the Corporation pay dividends

ACCOUNTING
FOR DIVIDEND
Pengumuman Dividen :
Dr. Retained Earnings 40.000.000
Cr. Dividend Payable. 40.000.000
Alternatif :
Dr. Dividends 40.000.000
Cr. Dividend Payable. 40.000.000
Dr. Retained Earnings 40.000.000
Cr. Dividends .... 40.000.000

ACCOUNTING
FOR DIVIDEND 2
Date of Record :

No Journal / Transaction

Pembayaran Dividen :
Dr. Dividend Payable40.000.000
Cr. Cash . 40.000.000

STOCK DIVIDEND

Pembagian Dividen dalam bentuk saham :


Alasan Stock Dividend :
Kesulitan likuiditas
Menjaga ketentuan tentang pembagian dividen
Mengurangi harga pasar saham
Kontinuitas hak pemegang saham

AMOUNT OF
STOCK DIVIDEND
Stock dividend :
> 25 % large stock dividend
< 20 % small stock dividend

Tidak ada pembagian stock dividend diantara


20% - 25%

IRRELEVANCE OF STOCK
DIVIDENDS : EXAMPLE
Shimano USA has 2 million shares currently outstanding at $15 per
share. The company declares a 50% stock dividend. How many shares
will be outstanding after the dividend is paid?
A 50% stock dividend will increase the number of shares by 50%:
2 million1.5 = 3 million shares
After the stock dividend what is the new price per share and what is the
new value of the firm?
The value of the firm was $2m $15 per share = $30 m. After the
dividend, the value will remain the same.
Price per share = $30m/ 3m shares = $10 per share

STOCK DIVIDEND
EXAMPLE
Stockholders Equity

Paid-in Capital:
Common Stock, $10 par, 50.000 shares
authorized, 20.000 issued
$
200.00
Capital in excess of par
70.000
Total paid-in capital
$
270.000
Retained earnings
85.000
Total stockholders equity
$
355.000

STOCK DIVIDEND
EXAMPLE 2
Large stock dividend : at par
50 % stock dividends
Dr. R/E . 100.000
Cr. C/S 100.000
(50 % x 20.000 x $10)
Small stock dividend : at market value
10 % stock dividends, market value $16/shares
Dr. R/E .. 32.000
(10 % x 20.000 x $16)
Cr. C/S 20.000 (10% x 20.000 x $10)
Cr. Capital in excess of par . 12.000

STOCK DIVIDEND
EXAMPLE 3
Setelah small stock dividend
Stockholders Equity

Paid-in Capital:
Common Stock, $10 par, 50.000 shares
authorized, 20.000 issued
$
220.00
Capital in excess of par
82.000
Total paid-in capital
$
302.000
Retained earnings
53.000
Total stockholders equity
$
355.000

STOCK SPLIT
Menambah jumlah lembar saham dengan memperkecil
jumlah nilai nominal saham
Stockholders Equity
Paid-in Capital:
Common Stock, $10 par, 5,000 shares
authorized, 1.500 issued
Capital in excess of par
Total paid-in capital
Retained earnings
Total stockholders equity

Stock split 2 : 1

15.000
10.000
25.000
25.000
50.000

$
$

Stockholders Equity

Paid-in Capital:
Common Stock, $ 5 par, 10,000 shares
authorized, 3.000 issued
Capital in excess of par
Total paid-in capital
Retained earnings
Total stockholders equity

$
$
$

15.000
10.000
25.000
25.000
50.000

Common Stock :
Par Value (1.000.000 shares outstanding; $2 par value)
Paid-in-capital
Retained Earnings
Total Equity

2.000.000
8.000.000
15.000.000
25.000.000

Pembagian 15 % stock dividend, market value $ 14


Common Stock :
Par Value (1.150.000 shares outstanding; $2 par value)

Paid-in-capital

9.800.000

Retained Earnings
Total Equity

2.300.000

12.900.000
$

25.000.000

2.000.000

Stock-split 2 : 1
Common Stock :
Par Value (2.000.000 shares outstanding; $1 par value)
Paid-in-capital

8.000.000

Retained Earnings
Total Equity

15.000.000
$

25.000.000

STOCK REPURCHASE
(TREASURY STOCK)
Pembelian kembali saham perusahaan yang telah beredar :
Alasan Stock Repurchase :
1. Memberikan saham pada karyawan ESOP
2. Meningkatkan EPS dan Harga Saham
3. Meningkatkan nilai saham dikemudian hari buy low,
sell high
4. Menghindari hostile take-over
5. Merupakan alat untuk berinvestasi dikemudian hari
6. Memodifikasi struktur permodalan
7. Mengeliminasi pemegang saham minoritas
8. Mengurangi biaya untuk melayani investor minoritas

STOCK REPURCHASE
VERSUS DIVIDEND
Consider a firm that wishes to distribute $100,000 to its
shareholders.
Assets
A.Originalbalancesheet

Liabilities & Equity

Cash
$150,000 Debt
0
Otherassets
850,000 Equity
1,000,000
Value of Firm 1,000,000 Value of Firm 1,000,000
Shares outstanding = 100,000
Price per share= $1,000,000 /100,000 = $10

STOCK REPURCHASE
VERSUS DIVIDEND
If they distribute the $100,000 as cash dividend, the balance
sheet will look like this:
Assets

Liabilities & Equity

B. After $1 per share cash dividend


Cash

$50,000

Debt

Other assets

850,000

Equity

Value of Firm 900,000

0
900,000

Value of Firm 900,000

Shares outstanding
g = 100,000
Price per share = $900,000/100,000 = $9

STOCK REPURCHASE
VERSUS DIVIDEND

If they distribute the $100,000 through a stock repurchase,


the balance sheet will look like this:
Assets
C. After stock repurchase

Liabilities& Equity

Cash
$50,000 Debt
0
Other assets 850,000 Equity
900,000
Value of Firm 900,000 Value of Firm 900,000
Shares outstanding = 90,000
Price per share = $900,000 / 90,000 = $10

STOCK REPURCHASE
EXAMPLE
C/S, $ 1 par, 10.000 shares authorized,
8.000 shares issued .
Capital in excess of par ...

8.000
12.000

Total Paid-in-Capital .

20.000

Retained Earnings ..

14.600

Total Stockholders Equity

34.600

STOCK REPURCHASE
EXAMPLE 2
Membeli 1.000 saham sendiri dengan market value sebesar $ 7,50/saham
Dr. T/S Common (1.000 x 7,50) .7.500
Cr. Cash ..7.500
C/S, $ 1 par, 10.000 shares authorized,
8.000 shares issued, 7.000 outstanding.
Capital in excess of par
Total Paid-in-Capital ..
Retained Earnings .
Sub-Total ..
Less : T/S, 1.000 shares at cost,
Total Stockholders Equity

8.000
12.000
20.000
14.600
34.600
( 7.500)
27.100

STOCK REPURCHASE
EXAMPLE 3
Sale of Treasury Stock :
Sale at Cost :
Jual 200 saham T/S seharga $ 7,50
Dr. Cash (200 x 7,50) .1.500
Cr. T/S ..1.500
Sale above cost :
Jual 200 saham T/S seharga $ 9,00
Dr. Cash (200 x 9) ..1.800
Cr. T/S (200 x 7,50) . 1.500
Cr. Capital in excess of par T/S . 300