Share

Starting a Limited Liability Partnership (LLP)

 

What is it?

Limited Liability Partnership (LLP) is an alternative business vehicle regulated under the Limited Liability Partnerships Act 2012 which combines the characteristics of a company and a conventional partnership.

Who is it for?

The LLP business structure is designed for all lawful business purposes with a view to make profit. LLP may also be formed by professionals such as Lawyers, Chartered Accountants and Company Secretaries for the purpose of carrying on their professional practice. The LLP concept will also support start ups, 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.

Salient features

Amongst others, LLP is featured with the protection of limited liability to its partners similar to the limited liability enjoyed by shareholders of a company coupled with flexibility of internal business regulation through partnership arrangement similar to a conventional partnership.
Any debts and obligations of the LLP will be borne by the assets of the LLP and not that of its partners’. An LLP 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 as bodies corporate may lawfully do and suffer.

LLP also offers flexibility in terms of its formation, maintenance and termination while simultaneously has the necessary dynamics and appeal to be able to compete domestically and internationally. With the introduction of LLP, entrepreneurs will have more options to choose the most preferred form of business vehicle.

 

For more information click the following:-

Accessing the MyLLP Portal

Services available through the MyLLP Portal are as follows:-

• Registration As User Of MYLLP Portal

• Application For Reservation Of Name
• Application For Registration Of New LLP
• Application For Registration Of LLP For Professional Practice (only with approval letter from the relevant governing body):-

a) Advocates & Solicitors
b) Chartered Accountants
c) Company Secretaries

Click here to access MyLLP Portal.

 

The following services are available at the counters in SSM offices :-

• Application For Registration Of Foreign LLP
• Application For Conversion from Conventional Partnership to LLP
• Application For Conversion from Conversion Private Company to LLP
• Application For Change Of Name
• Change Of Address Of Registered Office
• Change Of Address Of Place Of Business
• Change Of Nature Of Business/Principal Activities
• Change Of Particulars Of Partner - Individual
• Change Of Particulars Of Partner – Body Corporate
• Change Of Particulars Of Partner – Goverment Agency
• Change Of Particulars Of Compliance Officer
• Submission of Annual Declaration by a Limited Liability Partnership

Click here to download forms.