Have you ever considered establishing a limited liability partnership (LLP) when you are choosing from the business (Also see The Impact Of Poor Business Records For A Business) entities available in Malaysia? This form of business entity has combined the traits that conventional partnerships and private companies possess. Besides providing flexible internal regulations by having partnership (Also see The Similarities and Differences between Sole Proprietorships and Partnerships) agreements among the owners, a limited liability partnership also offers protection of limited liability to the partners. This means that this form of business entity will not put your personal assets at risk.
You may be interested in setting up a limited liability partnership now, and the article below may be able to provide some guidelines on the establishment process to you. If you need further assistance, you may engage a company incorporation service in Johor Bahru. The professionals can help you to fill in the forms and submit the necessary documents so that you don’t have to spend your precious time dealing with these tasks.
A limited liability partnership is perpetual succession. It is a body corporate, and it is a separate legal entity, which means that its legal personality is separated from the partners. Apart from that, a limited liability partnership has an unlimited capability, and it may sue and may be sued by others. It also can own, acquire, hold, dispose or develop its property. It may do and suffer the things and acts that other body corporates may do legally and suffer.
To register for a limited liability partnership, it will need at least two persons, whether in whole or in part. This means that it can be an individual or a corporation. The persons that can register for a limited liability partnership include SMEs, professionals, venture capital, as well as joint ventures (JV). One may register a limited liability partnership for any legal business that has the aim of generating profits. The registration should be in compliance with the terms in the limited liability partnership agreement.
To register for a limited liability partnership, the information that you need to prepare include its proposed name, the address or registered office, the nature of the business. Besides, you need to submit the partners’ and compliance officer’s names and particulars, as well as a letter of approval from a related professional body if there is any.
Who is a compliance officer then? A compliance officer is someone that the limited liability partnership appoints, and he will register of the partnership. A compliance officer should be one of the partners or an individual who is qualified as a secretary in accordance with the Companies Act. He should be 18 years old and above, and he should be a citizen or permanent resident of Malaysia. Besides, he needs to reside in Malaysia normally.
The registration fee for a limited liability partnership is RM500.00. After the establishment, the partnership will only receive a notice of registration. If it wants to get its certificate of registration, it needs to apply to SSM and submit the prescribed fees before SSM issues the document to it.