Fundamental of Limited Liability Company 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:
- On the other hand, you get LLP at a lower price. You can also:
- 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, 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.
This wass lovely to read
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