Cosec Shah Alam

Limited Liability Partnership (LLP) is an alternative business vehicle regulated under the Limited Liability Partnerships Act 2012 which combines the characteristics of a company and a conventional partnership. 

Who is it for? 

The LLP business structure is designed for all lawful business purposes with a view to make profit. LLP may also be formed by professionals such as Lawyers, Chartered Accountants and Company Secretaries for the purpose of carrying on their professional practice. The LLP concept will also support start ups, small and medium enterprises (SMEs) to grow their businesses without having to worry too much on their personal liabilities, personal assets and strict compliance requirements. 

Salient features 

Amongst others, LLP is featured with the protection of limited liability to its partners similar to the limited liability enjoyed by shareholders of a company coupled with flexibility of internal business regulation through partnership arrangement similar to a conventional partnership.

Any debts and obligations of the LLP will be borne by the assets of the LLP and not that of its partners’. An LLP has the legal status of a body corporate which is capable of suing and being sued in its own name, holding assets and doing such other acts and things in its name as bodies corporate may lawfully do and suffer.

LLP also offers flexibility in terms of its formation, maintenance and termination while simultaneously has the necessary dynamics and appeal to be able to compete domestically and internationally. With the introduction of LLP, entrepreneurs will have more options to choose the most preferred form of business vehicle. For more information click the following:-

• LLP Act 2012
• LLP Regulations 2012
• General Guidelines For Registration of Limited Liability Partnership And Related Matters
• Manual Online Lodgement of Annual Declaration By Limited Liability Partnership
• LLP Brochure
• LLP Booklet
• FAQs on LLP​

Limited Liability Partnership (LLP or PLT) under the Limited Liability Partnership Act 2012

PLT is an alternative business vehicle to carry out business which combines the characteristics of private companies and conventional partnerships. PLT provides limited liability status to its partners and offers the flexibility of internal rules through agreements between partners. 

​​​Salient Features of LLP

1. The LLP is a body corporate and has the legal personality separate from the partners (separate legal entity).
2. LLP is a perpetual succession.
3. Any partnership in the partnership will not affect the existence, right or liberty of the LLP.
4. LLP has unlimited capability and is capable of suing and be sued for it, acquire, owning, holding and develop or dispose of property.
5. LLP may do and suffer such other acts and things as bodies corporate may lawfully do and suffer.

Registration of LLP

1. By minimum two (2) persons (in whole or in part, an individual or a body corporate);
2. For any lawful business for the purpose of making a profit; and
3. In accordance with the terms of the LLP agreement.

Who can register

1. Professionals
2. Small and medium business.
3. Joint Venture.
4. Venture Capital (Venture Capital)

Information required for registration LLP

1. Proposed name of the LLP
2. Nature of business
3. Address of registered office
4. Name and details of partner
5. Name and details of compliance officer
6. Letter of approval from professional body (if any)

Compliance Officer

Registration of LLP is made by the compliance officer appointed by LLP:

1. One of his partners or a person qualified to act as secretary under the Companies Act 1965;
2. At least 18 years old and Malaysian citizen/permanent resident; and
3. Usually living in Malaysia.

Registration fee

Fee for registration of LLP is RM500.00 

Note:

1. Only notice of registration will be issued.
2. Certificate of registration of LLP will be issued by SSM upon request together with the prescribed fee.

Credit: SSM Malaysia

5. Change of Company's Name

6. Amendments of M&A

• Preparation for Changes Object Clause : RM500/Change
• Abolish M&A : RM500/Change

7. Annual Return

• Lodge and file of Annual Return : RM850.00/Year

8. Audit Statement

• Lodge and file of Audit Statements : RM350.00/Year

9. Preparation of Single Resolution 

• Preparation of resolution without submission : RM30.00

10. File Transfer fees

• File transfer to new Company Secretary : RM300.00
• File transfer to Businessworld Consult Sdn. Bhd. : RM850.00 (complete doc) RM180.00 (incomplete)

11. Changes of Form 49 & Section 58

• Appointment, resignation of Directors
• Changes Residential Address
• Changes Business Address

12. Changes of Form 32A & Section 105

• Transfer of Shares (Stamp Duty will be changed according to LHDN computation) : RM350+

13. Changes of Form 24 & Section 78

• Paid up capital increment : RM350.00/Changes

14. Lodge Section 550

• Termination/Strike Off Company : RM950.00

15. Certification of Forms/1 Set Documents

• Form 49, 44, 24, 9, 11, 28, 32A, M&A, Superform : RM30.00/Set

16. Meeting Charges

• Attendance for Board of Directors meetings, general meetings and meeting with government authorities/agencies exclusive of travelling and facilities provided : 

         b) RM50.00/hour (Secretary's Office)

17. Posting Charges 

• KLANG VALLEY : RM30.00
• OTHER AREA : RM50.00
• COURIER : RM10.00