Limited Liability Partnership (LLP) is a business vehicle which combines the characteristics of a company and a conventional partnership. It is regulated under the Limited Liability Partnerships Act 2012.
The LLP business structure is designed for all lawful business purposes with a view to make profit. This concept supports 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.
LLP is featured with the protection of limited liability to its partners which is similar to the limited liability enjoyed by shareholders of a company. Besides, the flexibility of internal business regulation through partnership arrangement is similar to a conventional partnership.
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. Hence, any debts and obligations of the LLP will be borne by the assets of the LLP and not the partners.
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.
In JasCal Management & Consultancy, we are providing the following services for LLP:
- Limited Liability Partnership Setup
2. Annual LLP Services
- Accounting and Tax Matters
- Preparation of Annual Declaration Documents
- Submission of Annual Declaration Documents
3. Other matters related to LLP