LLP is a hybrid business vehicle combining the features of a private company and conventional partnership. Members are afforded a limited liability status while also retaining flexible internal arrangement through agreement between partners. Any debts and obligations of the LLP will be borne by the assets of the LLP and not that of its partners’. It 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 just like a company.
You can use LLP as a vehicle to do your business in Malaysia by either registering a new one with the Companies Commission under the Companies Act.
The LLP structure is designed for all business purposes with a view to making profit. It may also be formed by professionals such as lawyers, accountants and company secretaries for the purpose of carrying on their professional practice. The LLP concept is also suitable for start-ups and 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.
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