[fullwidth background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”solid” padding_top=”50px” padding_bottom=”50px” padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][accordian divider_line=”no” class=”” id=””][toggle title=”Q1. What are the feature of LLP?” open=”no”]
- LLP may be formed by a minimum two persons and no maximum limit
- Separate Legal Entity – The corporation is legally detached from its partners
- Partners have limited liability.
- No minimum capital requirement
- Any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP
- LLP has the right to sue/be sued, acquire / dispose of property.
- No request of Audited account and no Company Secretary request.
- Bears “Perkongsian Liabiliti Terhad” or the abbreviation “PLT” at the end of the name.
- Same tax rate as a private limited company (SDN BHD).
- LLP must have a registered office in Malaysia at all times (Section 18 of the LLP Bill).
[/toggle][toggle title=”Q2. Individuals and/or Bodies Corporation that may be involve as the partner of LLP business are:” open=”no”]
- Small and medium enterprises (SMEs)
- Professional (Lawyers, Chartered Accountants and Company Secretaries)
- Joint venture
- Venture capitals
[/toggle][toggle title=”Q3. What are the differences between an LLP and a private limited company?” open=”no”]
- No issuance of shares
- Flexibility in making decisions
- No formal requirement to convene Annual General Meetings
- No requirement to submit financial statements to SSM
- Accounts need not be audited.
[/toggle][toggle title=”Q4. Every LLP must appoint at least one compliance officer. Who are eligible to be a compliance office?” open=”no”]
- Either one of the partners or a person who is qualified to act as a secretary under the Companies Act 1965;
- At least 18 years of age and citizen/permanent resident of Malaysia; and
- Ordinarily resides in Malaysia.
[/toggle][toggle title=”Q5. Can a charity organisation register as LLP?” open=”no”]No. LLP is intended only for businesses with a view to make profit.[/toggle][toggle title=”Q6. Is there any restriction as to what kind of business can use LLP as a business vehicle?” open=”no”]No. It is for all kind of lawful businesses with a view to make profit.[/toggle][toggle title=”Q7. Any issues on open bank account?” open=”no”]Maybank can open current account starting June 2013. CIMB and other bank has no issue in opening bank account.[/toggle][toggle title=”Q8. What documents should I prepare to start up a LLP?” open=”no”]
- Name of suggested LLP;
- Nature of suggested business of the LLP;
- The address of registered office of the LLP;
- Name and details of each of person who is going to be partner of the LLP;
- Name of the person who is going to be the Compliance Officer of the LLP;
- If the LLP is form for carrying any professional practice, the application should be sent together with the approval of the governing body as specified in the third column of the First Schedule of the LLP Act 2012; and
- Other relevant information as may be specified by the Registrar.
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