LLP or Limited Liability Partnership is a form of Malaysian business vehicle that offers a mix of attributes of a company and a conventional partnership. To put it simply, an LLP provides all the merits of the private limited companies minus their cumbersome reporting requirement.
While a private limited company is an excellent business vehicle, it can be pretty expensive, particularly for a small business owner in Malaysia.
Overview of Limited Liability Partnership in Malaysia
The LLP Act was enforced in Malaysia on December 26, 2012. Before this Act was introduced in Malaysia, those entrepreneurs who wanted to run a business in the country had the options of registering their venture as a body corporate, partner, or a sole proprietor. The new LLP Act of 2010 has introduced a new business vehicle for the businessmen in Malaysia.
All obligations and debts of an LLP need to be met out of the LLP’s assets. In other words, the individual partners are not liable for the payment of the debts of a Limited Liability Partnership. An LLP enjoys the same legal status as that of a body corporate. It means it is capable of being sued and suing in its name, can hold assets, as well as, so any such acts, which a corporate body can lawfully do. Plus, LLPs have the essential appeal and dynamics to be capable of competing internationally, as well as, in the domestic markets.
After the introduction of a Limited Liability Partnership, Malaysian entrepreneurs enjoy more choices to select their most preferred business vehicle. It would especially benefit professional groups such as company secretaries, accountants, or lawyers, venture capital funds, joint ventures, and small businesses like startups.
It is fast and simple to register a Limited Liability Partnership in Malaysia with us at 3E Accounting. Check out some of the useful guidelines on ways of starting a Limited Liability Partnership in Malaysia and our complete range of services that we offer to you in your endeavor.
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 3E Accounting offer guidelines on how to start your LLP in Malaysia. Find out more on Limited Liability Partnership Setup.
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. 3E Accounting 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. Find out more on Conversion into LLP.
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. 3E Accounting 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. Find out more on Annual LLP Services.
Guide to LLP Setup
A Limited Liability Partnership is not as easy to set up as a normal partnership. While that does not mean you cannot comply with the requirements on your own, your job becomes much simpler when you hire the services of a professional consulting firm like 3E Accounting. We have years of experience in setting up an LLP. So, if you are considering forming one, you have definitely come to the right place. Our pool of experts is knowledgeable and domain experts and so can guide you step-by-step to set up a Limited Liability Partnership in Malaysia. Our prices are competitive too, so be assured of getting value for your money when you hire our services. Find out more on Guide to LLP Setup.
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 3E Accounting 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.Find out more on Limited Liability Partnership (LLP/PLT) Compliance Requirements.
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. 3E Accountants 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. Find out more on LLP FAQ.
Taxation for LLP
3E Accounting 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 3E Accounting, we can help you in saving your money so that you can utilize the time to plan for your business growth. Find out more on Taxation for LLP.
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 3E Accounting 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. Find out more on Key Issues And Ambiguities Faced By Limited Liability Partnership (LLP).
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 3E Accounting. 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. Find out more on Name Search for Limited Liability Partnership (LLP).
Limited Liability Partnership LLP Setup Form
Are you interested to set up a Limited Liability Partnership in Malaysia and do not know from where to start? In case you aim to register your LLP efficiently, economically, and effectively, 3E Accounting can help you by getting your work done much faster and without any hassles. You simply have to fill up the setup form for LLP, and the rest of the jobs will be taken care of by our experts in 3E Accounting. If you have any query related to filling up and submission of the LLP setup form, we are just a phone call away. You can also write to us and we will respond within a day. Find out more on Limited Liability Partnership LLP Setup Form.