Limited Liability Company | Partnership Registration Malaysia
If you have previously used LLP, this is a new business model - a child of love between a limited liability company and a partner. LLP offers the advantage of a limited liability company without reporting obligations. Limited liability companies are great, but they cost a lot of money, especially online for small businesses, and you'll find companies that set up a private limited liability company for around 1500 RM. And to reduce the costs, at least RM 2 500 (for the cost of church fees, examiner's fees and bookkeeping fees) will be formed.
· Reservation of the company name: RM30
· Registration fee: RM 500
· Certificate Fee: Including RM 21.20, GST
· Total: RM 521.20
· Annual declaration: 200 RM
This is very convenient as you do not have to do anything like an annual meeting, appoint a corporate secretary, and submit financial audit reports. But why not start a retail business or partnership instead? They cost much cheaper. Only 60 RM per year (if you are not an advertiser and use your own name) to start and wait (30 RM)
Because LLP is a separate legal entity from its partners. It explains its taxes separately from its partners (it is important as it can optimize the taxes you pay). And then the most important point of all: As a limited liability company registration, ALPP offers its partners limited liability.
Registration requires the following information and documents:
· Suggested name of LLP
· General character of the proposed LLP activity
· The proposed PPL services
· Name and description of each person who needs to become an LPL partner
· Name and description of the LLP Compliance Officers
· If the Lifelong Learning Program is to be used for professional practice, the application must be sent by letter of approval to the Managing Authority and to the third column of the first line of the LPL 2012 Act.
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