The Limited Liability Partnerships Act of 2012 governs the alternative business structure known as the Limited Liability Partnership (LLP) in Malaysia. The new business structure that the Act created is a hybrid between a traditional partnership and a private corporation. As it offers flexibility in the internal management of a business and grants limited liability status to an innocent partner, protecting their personal assets from losses or damages caused by the actions of other partners, LLP is suitable for start-ups, and small and medium enterprises (SMEs) to grow their businesses.
The LLP business structure is created with the intention of making money for all lawful business purposes. Professionals like lawyers, Chartered Accountants, and company secretaries can also create an LLP to carry out their professional practice. Small and medium-sized firms (SMEs) will be helped by the LLP idea to expand without having to worry too much about their commitments, assets, or strict compliance requirements.
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