Limited Liability Partnership in Malaysia in 2013

1. A third commercial vehicle introduced in Malaysia in early 2013 which is a hybrid of the limited company and the partnership.
2. The LLP has the strengths of both organisation i.e  separate legal entity of the companies Act and flexibility and the simplicity of the partnership.
3. The LLP need not be audited and there are no statutory meetings.  The partnership only need to declare an annual declaration within 90 days after the financial year end  by the compliance officer.
4. Who can be the compliance officer?  the same persons recognised by the companies Act.
5. The LLP also enjoys perpetual succession and its members could constitute an incorporated company.
6. The partnership is managed through a partnership agreement lodged with the registrar of companies.  In default, schedule 2 of the Act provides some assumed agreement between the partners. 
7. There are specific provisions in the Act that allows conversion to LLP from either Sdn Bhd or the sole proprietor and partnership.
8. The LLP thus is suitable for professional practices such as the architects, accountants, lawyers and engineers/
9. The LLP is totally managed by SSM via IT and the internet.  Thus, it had the Act, regulations and the digital forms managed by SSM.