The LLP has been launched in Malaysia on 21 February 2013 as an alternative business vehicle regulated under the Limited Liability Partnership Act 2012 which combines the characteristics of a company and a conventional partnership. LLP provides limited liability status to its partners and offers the flexibility of internal arrangement through an agreement between the partners. This new business vehicle offers simple and flexible procedures in terms of its formation, maintenance and closure.
Salient features of LLP:
- It is a body corporate and has legal personality separate from its partners (separate legal entity)
- Perpetual succession
- Any changes to the partners of the LLP will not affect the existence, rights or liabilities of the LLP
- Unlimited capacity and capable of suing and being sued, acquiring, owning, holding and developing or disposing of property
- Debts and obligations of the LLP will be borne by the assets of the LLP. In the case of conventional partnership, the partners are jointly and severally liable with the firm
- It is for all kind of lawful businesses with a view to make profit
- LLP may do and suffer such other acts and things as body corporate may lawfully do and suffer
Main targeted business groups:
- Professionals eg. Accountants, Lawyers, Company Secretaries
- Small and medium sized businesses
- Joint ventures
- Venture capitals
Please feel free to contact us at firstname.lastname@example.org for further discussion.