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Limited Liability Partnership

1)

What is Limited Liability Partnership?

  Limited Liability Partnership (PLT.) registration is an alternative business vehicle under Limited Liability Partnership Act 2012 which combined the characteristic of a company and a conventional partnership. Limited Liability Partnership (PLT.) is governed by Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia) and Limited Liability Partnership Act 2012.
 

2)

What are the requirements to form a Limited Liability Partnership in Malaysia?

  The Limited Liability Partnership shall appoint at least one compliance officer from amongst its partners or persons qualified to act as secretaries under the Company Act 2016 who-
 
 
  • is a citizen or permanent resident of Malaysia; and
  • ordinarily resides in Malaysia.
 

3)

What are the information needed to register a Limited Liability Partnership in Malaysia?

  The information needed to register a Limited Liability Partnership are:
 
 
  • Copy of partners identity card (I/C) or passport (for foreign director)
  • Proposed company name
  • Proposed company nature of business
  • Proposed address of the registered office (place to keep statutory documents)
  • Ordinary place of residence of every partner
  • Details of profit sharing and partners remuneration packages
 

4)

How long will it take to incorporate a Limited Liability Partnership in Malaysia?

  The Limited Liability Partnership can normally be set up within three (3) to ten (10) working days.
 

5)

What are the procedures to incorporate a Limited Liability Partnership in Malaysia

 
Complete Our Form Verification of Compliance Officer Name Search and Sign Documents Name Search and Sign Documents
You need to fill our simple company registration application form and return to us with all partners I/C or passport We will register MyLLP account for the compliance officer. He or she shall visit SSM with his / her photocopy of identity and SSM email We will check availability of your proposed LLP name with SSM, you need to visit our company, sign documents and make payment to us We will submit the signed documents to Companies Commission of Malaysia. Certificate of Registration will be issued by SSM and your Company is ready to go
START 1 WORKING DAYS 3 WORKING DAYS CONGRATULATIONS
 

6)

Can foreigner incorporate a Limited Liability Partnership in Malaysia without
Malaysian involvement?

  No. As minimum one Compliance officer must be citizen or permanent citizen and ordinarily resides in Malaysia.
 

7)

How much is the yearly maintenance fee of a Limited Liability Partnership?

  The minimum maintenance fees of a Limited Liability Partnership is RM200 (SSM charges for annual declaration)
 

8)

What is the major different between sole proprietor / partnership and Limited
Liability Partnership ?

  The major different is the liability to creditors. The liability of the partners of the Limited Liability Partnership to creditors is limited to capital originally invested while sole proprietorship/partnership have unlimited liability to their creditors.
 
  Limited Liability Partnership is a legal entity, it will not be terminated in the case of changes in partners.
 

9)

Can I determine the date of incorporation for a Limited Liability Partnership?

  Some business owners may request their Limited Liability Partnership to be registered at certain date due to personal favor, fengshui, or private reason. However, due to the various type of unforeseen factors from Companies Commission of Malaysia (SSM) such as staff absenteeism, online system corruption and etc., we are not able to determine the date of incorporation of the new Limited Liability Partnership.
 

10)

Can a Limited Liability Partnership invest by another company (e.g. holding company)?

  Yes, but please take note that the holding company must pass a directors’ resolution to confirm their investment and corporate representative in the Limited Liability Partnership.
 

11)

When shall a Limited Liability Partnership submit its annual declaration?

  A Limited Liability Partnership shall lodge with Companies Commission of Malaysia (SSM) an annual declaration for each calendar year not later than ninety days from the end of the financial year of the Limited Liability Partnership.
 
  In the case of the first annual declaration, it shall be lodged not later than eighteen months from the date of the registration of the Limited Liability Partnership.
 

12)

What is the minimum contribution (capital) of Limited Liability Partnership?

  There is no minimum paid in capital requirement upon incorporation of a Limited Liability Partnership under Limited Liability Partnerships Act 2012.
 

13)

Ownership and Control of business – Who is the person running the business?

  A Limited Liability Partnership can be terminated by the following methods:
 
 
  • Voluntary winding up
  • Strike off under Section 51 of Limited Liability Partnerships Act 2012
  • Winding up by court order
 

14)

Can I set up / incorporate Limited Liability Partnership myself?

  Yes, you can do so if you are compliance officer of the Limited Liability Partnership. However a compliance officer is personally liable to all penalties including administrative penalty imposed on the Limited Liability Partnership. Therefore, we suggest you engage our services directly if you are not familiar with the Limited Liability Partnerships Act 2012, this will save your time and effort.
 

15)

Who shall set up a Limited Liability Partnership?

 
  • Business with high risk
  • Business involved many partners (e.g. Joint Venture)
  • Foreigners
  • Professional Groups (e.g. Lawyer, Accountants, Company Secretaries)
 

16)

What are the differences between Limited Liability Partnership and Private
Limited Company (Sdn. Bhd.)

  There are many fundamental differences between an LLP and a company. Amongst others, the differences are: -
 
 
  • No issuance of shares
  • Flexibility in making decisions
  • No formal requirement for Annual General Meetings
  • No requirement to submit financial statements to SSM
  • Accounts need not be audited.
 

17)

What are the responsibilities and liabilities of a compliance officer?

  The main responsibilities of a compliance officer are such as: -
 
 
  • Registering any changes in registered particulars of the LLP
  • Keeping and maintaining registers and records of the LLP; and
  • Ensuring publication of names of the LLP in accordance with the provisions of the Act.
 
  A compliance officer is personally liable to all penalties including administrative penalty imposed on the LLP unless if he can prove that he is not liable.
 

18)

Can there be more than one compliance officer? Is there any limit to the
number of partners?

  Yes. There are no limits for maximum number of partners.
 

19)

Can LLP own assets/properties under its own name like a company?

  Yes. LLP being a separate legal entity can own assets/properties just like a company.
 

20)

Is an audit of the Limited Liability Partnership accounting required?

  Unless provided in the agreement, there is no mandatory auditing requirement for LLPs.
 

What We Can Help You?

We are one of the recognized accounting firm located at Johor Bahru (Johor) and Penang Island (Penang), Malaysia that provide one-stop financial report compliance services, which includes bookkeeping, accounting, company secretarial services, tax preparation services, business consultancy and etc.
Our group of companies include licensed Secretarial Firm that registered with Chartered Secretaries Malaysia (MAICSA) in Johor Bahru (Johor) and Penang Island (Penang), Malaysia. This allow company (e.g. Sdn. Bhd.) registered in Malaysia engage us as their company secretary to assist them in compliance with Malaysia statutory requirements.
Our experienced staff will assist client with:
  • Act as named company secretary for your company to communicate, prepare, submit of statutory returns with the Companies Commission of Malaysia (SSM) in compliance with statutory requirements under Companies Act 2016.
  • Prepare resolutions required by company board of directors and attend your board meeting if required.
  • Prepare your company financial report compliance with Malaysia rules and regulation, include GST, MPERS, MFRS and etc.
  • Provide professional advice related to your business set up, operation and Malaysia rules compliance, include company incorporation, accounting, payroll and etc.
Talk to Us Now
 
 

L & Co Plt.

Johor
18A & 20, Jalan Sasa 2, Taman Gaya, 81800 Ulu Tiram, Johor, Malaysia.
Tel +607-859 0410
Fax +607-863 1003
Penang
S1-3, 1-21-01, Suntech @ Penang Cybercity (1575), Lintang Mayang Pasir 3, 11950 Bayan Baru, Penang, Malaysia
Tel +604-377 7075
Fax +604-619 2699
 
     

What Our Client Say

     
L & Co always carry their services in professional way – well planning, in time, precise, friendly and professional. While we are stuck with problems, they can always advice us with industrial best practices and their views.
 
YM Tan
ICT Automation (M) Sdn Bhd
www.ict.com.my
 
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