24/02/2013
LIMITED LIABILITY PARTNERSHIP (LLP)
It is a new form of business vehicle that is governed by the Limited Liability Partnership Act 2012.
There are two type of Limited Liability Partnership available such as :-
(a) Local Limited Liability Partnership , AND
(b) Foreign Limited Liability Partnership
Conversion into Liability Partnership are available such as:-
(a) Conversion from a Conventional Partnership into an LLP is allowed by SSM
(b) Conversion from a Private Company ( or Sdn Bhd ) into an LLP is also allowed by SSM
Advantages to form a Limited Liability Partnership (LLP) are as listed below :-
(a) LLP is a body corporate and shall have legal personality separate from that of its partners, which is similar to a private company ( or Sdn Bhd )
(b) LLP shall have perpetual succession
(c) The name of a LLP shall end with the abbreviation PLT ( or Perkongsian Liabiliti Terhad )
(d) All partners are not personally liable, directly or indirectly, solely by reason of being a partner of the LLP
(e) Bankruptcy shall not cause a partner to cease being a partner of the LLP
(f) LLP is allowed for winding-up, dissolution and striking-off
(g) The Accounts of LLP shall NOT be required to be audited, NO Statutory Audit requirement
(h) NO Annual General Meeting (AGM) is required for LLP
(i)Shall incur cheaper compliance costs as compared to Private Companies ( or Sdn Bhd )
(j)Suitable for ALL Small Medium Enterprise & Small Medium Industries
(k)Suitable for ALL Business Sectors
WE shall act as the Compliance Officer for the formation of Limited Liability Partnership
Do call us at 012-4182788 should you required any clarification and our services for the above formation.
Thanks
