Malaysia’s Limited Liability Partnership (LLP)
LLP or Limited Liability Partnership is a business entity form in Malaysia that combines the characteristics of both companies and traditional partnerships. In essence, LLP enjoys the benefits of a private limited company while reducing cumbersome reporting requirements.
While private limited companies are an excellent business structure, they can be relatively costly for small businesses in Malaysia.
Overview of Limited Liability Partnership in Malaysia
The Limited Liability Partnership (LLP) Act, which came into effect on December 26, 2012, introduced a new company type option for the business community in Malaysia. Prior to this, entrepreneurs wishing to conduct business in Malaysia could choose to register their enterprises as corporations, partnerships, or sole proprietorships. The introduction of the LLP Act provided businesses with a more flexible operating structure, allowing them to enjoy the advantages of partnerships and corporations while avoiding certain liabilities associated with corporations.
An important feature of LLP is that all obligations and debts are to be fulfilled by the assets of the LLP. This means that individual partners are not personally liable for the debts of the LLP. LLP enjoys the same legal status as corporations, being able to sue or be sued on its own behalf, own assets, and engage in other activities lawfully carried out by corporations. Due to these characteristics, LLP is attractive and enables it to compete in domestic and international markets.
The introduction of Limited Liability Partnership offers Malaysian entrepreneurs another optional business type. This form is particularly suitable for professionals such as company secretaries, accountants, lawyers, as well as venture capital funds, joint ventures, and start-up small businesses.
Let Rising Global Consultants Sdn. Bhd Info assist you in registering a Malaysian Limited Liability Partnership, a quick and straightforward process. We provide comprehensive services, including guidance on how to set up a Limited Liability Partnership in Malaysia and details of our services offered.
Limited Liability Partnership Setup
There is an increasing demand for service providers while setting up a new business in Malaysia. The country is known for its conducive government policies, modern infrastructure, alluring tax rate, political stability, and excellent accessibility. These are some of the key reasons to form, as well as, run your business in the country. There has been a steady increase in the number of investors and entrepreneurs both local and foreign that are participating in the Malaysian economy.
Investors, exporters, and business owners in Malaysia can enjoy a wide variety of benefits from a wide range of grants, tax concessions, and business policies. Thus, it is a rational and wise decision to start your Limited Liability Partnership in Malaysia. We at Rising Global Consultants Sdn. Bhd offer guidelines on how to start your LLP in Malaysia.
Conversion into LLP
At times, many of you could have formed a partnership or a private limited company in a hurry. However, you realize at a later point of time that there are too many complications and expenses involved. With the launch of LLP or Limited Liability Partnerships in Malaysia, any entrepreneur can now enjoy the advantages associated with private limited companies and still avoid the expenses associated with a private limited company. Rising Global Consultants Sdn. Bhd has a team of expert professionals who can assist you to incorporate a new LLP or can also convert your current form of business into a Limited Liability Partnership. You can rely on your expertise and focus on your other business functionalities meanwhile.
Annual LLP Services
We understand that it is not unusual for you to miss the deadline for submitting the annual declaration of your Limited Liability Partnership or forget to maintain and update LLP Registers and statutory records from time to time. Rising Global Consultants Sdn. Bhd knows that you need to focus on your core business functionalities. We will take care of all your annual filing and submission needs so that you can be at complete peace. Our team of experts will make sure that all the paperwork are maintained and file according to the compliance requirements of your Limited Liability Partnership. We will monitor all your statutory records and will charge competitive prices for our services.
Limited Liability Partnership (LLP/PLT) Compliance Requirements
Every business form has to comply with certain legal requirements and a Limited Liability Partnership in Malaysia is not an exception to this rule. While you may have the good business acumen, it could be tough and cumbersome to remember and manage these compliance requirements all by yourself. It is precisely where Rising Global Consultants Sdn. Bhd can come to your rescue. We hire professionals who are fully aware of these requirements and will always ensure to help you in submitting the necessary annual declaration, maintaining the proper records, and storing all the essential registers and documents as per the requirement. Hire us and you can be sure of quality services always.
LLP FAQ
Being a first tie entrepreneur or trying to set up and run a Limited Liability Partnership in Malaysia for the first time is not a child’s play. Any person considering starting their LLP may face certain challenges, which need management, accounting, and financial skills among other. If you are one of them, you may not be aware of all aspects of LLP. Rising Global Consultants Sdn. Bhd has listed down all the common questions (LLP FAQ) that our clients keep asking us very often while forming an LLP or when they run the business vehicle in Malaysia. You can also call us or write to us if you feel that your query is missing from the list. One of our expert team members will revert to you within 24 hours for sure.
Taxation for LLP
Rising Global Consultants Sdn. Bhd offers a complete range of services related to taxation for LLP in Malaysia. Our tax services are quite flexible and are based on the actual conditions and the unique requirements of your business. We have recruited experienced tax professionals who can comfortably handle the taxes, which your LLP is entitled to. These team members have the relevant expertise about the latest taxation policies and are fully aware of the advantaged being offered by the Malaysian government. Hence, when you hire the services of Rising Global Consultants Sdn. Bhd, we can help you in saving your money so that you can utilize the time to plan for your business growth.
Key Issues And Ambiguities Faced By Limited Liability Partnership (LLP)
Since a Limited Liability Partnership is a relatively new form of business vehicle in Malaysia, there can be certain issues and ambiguities before a first-time entrepreneur (s). The level of awareness, for instance, is still quite low in the country and that can have a negative impact on the LLP’ branding and visibility in the market. The team at Rising Global Consultants Sdn. Bhd offers the necessary expertise and experience to guide you and help you with resolving all the issues and ambiguities related to a Limited Liability Partnership in Malaysia. You can write to us or get in touch with us to avail a no-obligation consultation from our experts.
Name Search for Limited Liability Partnership (LLP)
Once you have already made up your mind to start a Limited Liability Partnership in Malaysia, you need to think of how to register it and give a name it. However, just like other business forms, there are certain requirements to be fulfilled before you can use a name for your new LLP. For instance, you cannot use a name that is identical to the name of an existing business. If you are unsure about how to choose a name for your new LLP in Malaysia, you can get in touch with a professional consultant like Rising Global Consultants Sdn. Bhd. Once you get in touch with us and hire our services, it will be our responsibility to check whether your proposed LLP name is available for use or not.