Limited Liability Partnerships Act 2012

The Limited Liability Partnerships (LLP) Act 2012 has been gazetted on 9 February 2012. However, the effective date of the LLP Act has not been announced.

LLP is a new business vehicle which is a hybrid between a company and a conventional partnership. It is a form of business entity that offers protection of limited liabilities to its members whilst offering flexibility in the internal management of the business.

The Act provides for the registration, administration and dissolution of LLP. The key areas of the Act are as follows:

- Fundamentals of a Limited Liability Partnership

- Formation and Registration

- Management of a Limited Liability Partnership

- Conversion to Limited Liability Partnerships

- Foreign Limited Liability Partnerships

- Winding-Up, Dissolution and Striking-Off

Source : www.mia.org.my