KUALA LUMPUR, Feb 21 (Bernama) -- The Domestic Trade, Cooperatives and
Consumerism Ministry targets 200 new businesses this year to register as
limited liability partnerships (LLPs) with the Companies Commission of
Malaysia (CCM).
Source from (Bernama): http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=929478
Published: February 22, 2013
Minister Datuk Seri Ismail Sabri Yaakob said the LLP as a new business
structure still needs wider exposure to ensure people really understand
the requirements.
"Currently, 14 new companies have registered as LLPs, and I believe more
people will opt for the new business structure given its benefits," he
told the media after the launch of LLP here Thursday.
An LLP combines the features of a company and a conventional
partnership, and confers limited liability to partners as well as the
organisational elasticity of a partnership.
With the LLP concept, start-ups, small and medium enterprisses (SMEs)
and professionals can expand without needing to worry about personal
liabilities and assets as well as strict compliance provisions.
Earlier in his speech, Ismail Sabri said he hoped LLP's benefits would
catalyse business growth in Malaysia and make the country a conducive
and dynamic business hub in the region.
"The risks associated with business are one of the factors preventing
people from venturing into business, and this could be reduced by the
LLP mechanism because its legal framework protects the business
partners' personal assets.
"There are also sufficient protection mechanisms to ensure a third party
dealing with a LPP and its partners is also protected," he said.
Meanwhile, CCM Chief Executive Officer Mohd Naim Daruwish said the LPP's
objective is to create a more conducive and competitive business
environment in Malaysia in a globalised era.
"The LLP introduction has taken into consideration the needs of the
business community, through feedback from public consultations and
discussions with interested parties," he said.
LLP registration begins on Feb 5 via CCM's MyLLP portal.
-- BERNAMA
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