Limited Liability Partnership
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. Which is Partnership with a limited liability to each partner. The liability is restricted to the contribution made by the partners.
Differences between an LLP and a company. Amongst others, the differences are:-
- No issuance of shares
- Flexibility in making decisions
- No formal requirement for Annual General Meetings
- No requirement to submit financial statements to SSM
- Accounts need not be audited.
How to register an LLP?
An LLP can be registered by way of an application made to the Registrar by providing the following information:-
1) proposed name of the LLP
2) nature of business
3) address of registered office
4) name and details of partners
5) name and details of compliance officer
6) approval letter (in cases of professional practice)
