Why choose Limited Liability Partnership(LLP)?
Limited Liability Partnership (LLP) is a new business vehicle regulated under the Limited Liability Partnerships Act 2012 which hybrid structure with feature of a company and a conventional partnership.
The LLP business structure is suitable for professionals such as Lawyers, Chartered Accountants and Company Secretaries for the purpose of carrying on their professional practice, joint venture, small and middle enterprise and venture capital with concept carrying business with minimum impact on personal assets and liabilities with less administrative costs.
Amongst others, LLP is featured with the protection of limited liability to its partners similar to the limited liability enjoyed by shareholders of a company coupled with flexibility of internal business regulation through partnership arrangement similar to a conventional partnership.
Any debts and obligations of the LLP will be borne by the assets of the LLP and not that of its partners’. An LLP has the legal status of a body corporate which is capable of suing and being sued in its own name, holding assets and doing such other acts and things in its name as bodies corporate may lawfully do and suffer.
LLP also offers flexibility in terms of its formation, maintenance and termination while simultaneously has the necessary dynamics and appeal to be able to compete domestically and internationally. With the introduction of LLP, entrepreneurs will have more options to choose the most preferred form of business vehicle.
However, you shall appoint at least one Compliance Officer chosen amongst the partners, who is a citizen / permanent resident of Malaysia, an undischarged bankrupt, not disqualified to act as director under the Companies Act 2016 and ordinarily resides in Malaysia, before you can set-up LLP in Malaysia.
What are the advantages of a LLP ?
- Limited liability protection
- Easy transfer of ownership
- Unlimited life
- Raise capital more easily
- Easier Access to Funding
- Greater Tax Advantages
The requirements to form a LLP are:
- Minimum of two Partner;
- Minimum of one Malaysia resident Partner;
- A Compliance Officer amongst the Partner;
- An undischarged bankrupt;
- Not disqualified to act a Director.
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