Limited Liability Partnership Act Malaysia

So here s how you start a limited liability partnership in malaysia.

Limited liability partnership act malaysia. Limited liability partnership is an alternative type of business under the limited liability partnership act 2012 act 743 which combines the characteristics of a private company and a conventional partnership. This type of company has both the characteristics of a limited liability company and a traditional partnership business. Limited liability partnership means a limited liability partnership registered. Ssm s practice note no.

There is an increasing demand for service providers while setting up a new business in malaysia. Limited liability partnerships act 2012 acquiring of land by a limited liability partnership and related matters. Of a limited liability partnership is made up whether that period is a year or not. Register on the myllp system.

Limited liability partnership llp is under the limited liability partnerships act 2012 which combines the characteristics of a company and a conventional partnership. This act allowed business owners to use this business entity for the setting up of a business instead of using a sole proprietorship limited liability company partnership or private limited company. Update 14th dec 2015 ssm has upgraded to myllp 2 0 so a lot of the screens you ll see will be different from my screenshots below. Llp provides limited liability to llp partners in malaysia and offers flexibility in internal management through an llp agreement between the partners.

Which is partnership with a limited liability to each partner. In malaysia llps were brought into active recognition in 2012 through the introduction of the limited liability partnership act 2012. Ssm s practice note no. Inland revenue board means the inland revenue board of malaysia established under the inland revenue board of malaysia act 1995 act 533.

Limited liability partnership setup. This is preferred choice for small businesses and instead of general partnership. Start by creating an account on the myllp system by going to their website here. The country is known for its conducive government policies modern infrastructure alluring tax rate political stability and excellent accessibility.

Limited liability partnership llp is a business structure which is governed under the limited liability partnerships or llp act 2012 in malaysia.