(Find out what I think about setting up a Limited Liability Partnership (LLP) in my article on How To Choose Suitable Business Entity)
Did I not say don’t go for LLP yet? Anyways for academic purposes, here is how you can go about it:
Limited Liability Partnership (LLP)
Go to Suruhanjaya Syarikat Malaysia (SSM) a.k.a Companies Commission of Malaysia (CCM) office or visit MyLLP Portal to register your LLP. I have not tried the online portal yet, so do let me know how it turns out for you okay👍.
Application for Reservation of Name – RM30
Application for Registration of New LLP – RM500 <- If you think this is expensive wait until you find out the cost of setting up a company
Important Note: If you just need a temporary (3 to 6 months) business entity because you are planning on setting up a Company, an LLP may not be the best option for you. So save your bullet for setting up a Company
What do you need to bring?
- Completed Form 1 – Application for Reservation of Name
- Completed Form 2 – Application for Registration of New LLP
- LLP Agreement (if any) – save money by adopting Second Schedule of LLP Act 2012.
- 💴💵💰💶 <— if don’t get this, I really don’t know what to say…
What information do you need to complete Form 1 & 2?
- Name of proposed LLP; (e.g.: Dr. Doom & Co. PLT or The Avengers PLT)
- Proposed registered office of LPP;
- General Business of LLP; (e.g.: Freight Forwarding, Food Delivery and Ninja Training)
- Principal Activities; (for this you will need to refer to MSIC Code)
- Particulars of Compliance Officer; (the poor soul who will take all the blame😈)
- Particulars of Partners.
Important Note: You can appoint a Certified Company Secretary (such as my self – yes I am promoting myself) to act as Compliance Officer and lodge the registration form on your behalf (Yeay! you don’t have to spend hours queuing)
WARNING: Conducting business without registration is an offence which is punishable with fine not exceeding RM50,000.00 or imprisonment not exceeding 2 years or both. No doubt SSM got better things to do than hustling small timers but it means some organisation (such as bank) will not want to do business with you because you ain’t legit.