There’s a point when your business is ready to convert...
Limited Liability Partnership ("LLP")
When you’re making a sound profit and pay way too much taxes, there’s a lot of responsibility on you personally, you're limited in your fundraising options and you want to involve other partners or hire employees, etc.
Here’s what you need to incorporate a LLP.
We’ll take care of it all.
Everything that is required from you to get started.
Your eligibility as a director
Documents needed
At least 2 partners resides in Malaysia
Residential address
Age of 18 and above
Not bankrupt
Photocopy of IC
Consent letter (if your proposed LLP name is similar to related or associated corporation/ is a trademark / has controlled words)
However, you shall appoint at least one Compliance Officer chosen amongst the partners, who is a citizen / permanent resident of Malaysia, an undischarged bankrupt, not disqualified to act as director under the Companies Act 2016 and ordinarily resides in Malaysia, before you can set-up LLP.
Here are the plans for you to start...!
Reasonable. Affordable. Sustainable.
RM950
Conversion from Sole Proprietorship ("SP") basically means shutting down one business entity and starting a new LLP under the same name with some additional reporting involved. We will help you with both things.
Included RM500 (SSM Registration Fees)
Included:
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Name application (1 time) & registration fee
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Preparing 2 sets of certificate of registration and Form LLP Registration
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Professional advice on statutory / compliance / accounting / tax matters
-
Prepare resolution to open first LLP’s bank account
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Prepare minutes of first Partners’ meeting
Conversion from SP to LLP
Conversion from Partnership to LLP
RM950
Included RM500 (SSM Registration Fees)
Included:
-
Name application (1 time) & registration fee
-
Preparing 2 sets of certificate of registration and Form LLP Registration
-
Professional advice on statutory / compliance / accounting / tax matters
-
Prepare resolution to open first LLP’s bank account
-
Prepare minutes of first Partners’ meeting
Exclusive of letter(s) to your existing creditors as they have to agree with the application to convert to LLP
Requirements to qualify for LLP conversion from Partnership:
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Partnership registered under the Registration of Businesses Act 1956.
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Any partnership established by two or more persons for carrying on any professional practice.
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Partners must remain the same after conversion.
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The conventional partnership is able to pay its debts.
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For professional practice, an approval letter is required from the governing body.
RM2,315
Conversion from Private Limited ("Pte Ltd") Company basically means shutting down one business entity and starting a new LLP under the same name with some additional reporting involved. We will help you with both things.
Included RM500 (SSM Registration Fees)
Included:
-
Name application (1 time) & registration fee
-
Preparing 2 sets of certificate of registration and Form LLP Registration
-
Professional advice on statutory / compliance / accounting / tax matters
-
Prepare resolution to open first LLP’s bank account
-
Prepare minutes of first Partners’ meeting
-
An advertisement in at least one widely circulated newspaper in Malaysia
-
A notification in the Gazette of its intention for conversion
Exclusive of letter(s) to your existing creditors as they have to agree with the application to convert to LLP
Conversion from Pte Ltd to LLP
Requirements to qualify for LLP conversion from Private Limited Company:
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Shareholders must remain the same after conversion.
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There are no subsisting security interests in the Company’s assets.
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The private company is able to pay its debts.
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All outstanding statutory fees to government agencies has been settled.
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The company has advertised at least in a newspaper widely circulated in Malaysia and published a notification in the Gazette for its intention to convert into a limited liability partnership.
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All creditors of the company are agreed to the above conversion.
Additional things you may need
One-off services upon your request.
RM 1,010
per agreement
LLP Agreement
Advisable to have a Partnership Agreement. If not, LLP Act 2012 will apply.
RM 540
per year
Annual Retainer Fee
General advisory on LLP, annual declaration filing & preparation and disclosure of beneficial owners’ interest
RM 0
Free service
Bank Account opening assistance
Requires your presence at the bank / our office
RM 150
per rubber stamp
Company Rubber Stamp
Self-inking company rubber stamp delivered to your doorstep
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Consequences on Conversion of Conventional Partnership / Private Limited Company into a LLP
After the conversion into an LLP, the conventional partnership or private limited company shall be deemed to be dissolved. The effect on the conversion means that the properties, interests, rights, privileges, liabilities, obligations and the undertaking of the conventional partnership / private limited company are transferred to LLP, such as below:
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All assets held by conventional partnership / Sdn Bhd will be vested to LLP.
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All pending proceedings may be continued, completed and enforced against or by the LLP.
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Any conviction, ruling, order or judgement may be enforced by or against the LLP.
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Existing agreements and contracts shall have effect as though the LLP were a party.
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The Partners and the Directors shall continue to be personally liable (jointly and severally with the LLP) for liabilities and obligations incurred prior to the conversion.
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Permit or License issued under the conventional partnership or private limited company will be invalid, the LLP may need to reapply the permit or license under its name.