‘ALL IN ONE’
LIMITED LIABILITY PARTNERSHIP (LLP) PACKAGE,
JUST FOR YOU AND YOUR PARTNERS!
Starting your own entrepreneur journey is never easy, that includes looking for a partner that can fight alongside you! With that in mind, We have created this LLP Package to make you and your partner’s business journey a little easier and more affordable!
Registration of LLP + Compliance Officer (for 1 year)
* Register before 31 Dec 2022 to get 3 years of tax rebate worth up to RM60,000!
What’s in the Package?
Transparent pricing, committed services.
Frequently Asked Questions
What type of organisations can consider LLP as their suitable business entity?
- Startups/new enterprises
- Professionals (solopreneur, accountants, company secretaries)
- Joint ventures
- Venture capitals
What are the main differences between an LLP and a Company?
LLP is not required to issue shares but instead, the ownership of each partner in the LLP is represented by an allocation of partnership units, made in accordance with the capital contribution made by each partner in the LLP. There is also no requirement of submitting audited financial statements to SSM other than keeping such accounting and other records to sufficiently explain the transactions and financial position of the LLP. There is no concept of directors and shareholders; instead they are called compliance officers and partners. Learn more benefits of an LLP here.
Who can be a partner of the LLP?
Any individual or body corporate may be a partner in the LLP. There is no limit to the maximum number of partners in the LLP but there must be a minimum of 2 partners at all times.
What is the tax rate of an LLP?
Where the partner is an individual, his/her share of income from the LLP will be taxed based on his/her personal income tax rate. Where the partner is a body corporate, its share of income from the LLP will be taxed at the corporate tax rate.
Who can be the compliance officer?
The LLP should appoint either one of the partners or a qualified person (such as a company secretary) to be the compliance officer.
What is the role of the compliance officer?
The responsibilities of the compliance officer include registering any changes in registered particulars of the LLP, keeping and maintaining registers and records of the LLP, advising the partners to ensure compliance with LLP law and lodging an annual declaration with the Registrar.
Is it compulsory to draw up a partnership agreement?
It is highly recommended to have one. Even some banks might require it in order for you to open a bank account. In the absence of a written partnership agreement, the Second Schedule of the LLP Act 2012 shall apply.
Can an LLP convert to a private limited company?
No, you have to voluntarily wind up the LLP and after that, incorporate a new company.
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