PLT
Limited Liability Partnership a.k.a LLP
A PLT company is a new business structure that is now popular — combining the secure corporate features of a traditional private limited (Sdn Bhd) company with the easy maintenance of an enterprise. A PLT company offers security of Sdn Bhd company without its painful (and expensive) reporting requirements.
PLT stand for ‘Perkongsian Liabiliti Terhad’ that means limited liability partnership. In the US, they are referred to as LLP company - acronym derived from the English term.
A PLT is governed under the Limited Liability Partnerships Act 2012 which was introduced in Malaysia in 2012.
Benefits of PLT company
It is cheaper to setup and operate a PLT compared to a Sdn Bhd. Same cost with an enterprise.
The liability exposure of individual PLT partner is limited to their capital amount in the PLT. This is similar with the shareholders of Sdn Bhd.
PLT do not need to do annual statutory audit. Still need to prepare accounts, for tax purpose, but it does not need to be audited.
Profit of PLT is taxed at company level. Similar with Sdn Bhd, owners only get taxed if receive distribution of profit from company.
Do not need to hire external company secretary. One of the partners will be nominated as the Compliance Officer.
PLT is not required to disclose its financial statements to the public. Compared to a Sdn Bhd that has to submit audited accounts to SSM, the figures of which can be viewed by public.
PLT is a separate legal entity from its owners, like a Sdn Bhd. Unlike for an enterprise, where the owner and the business is not separated.
If any the partners die, it will not affect the existence of the PLT. Depending on the partnership agreement, the share may be passed to the succession in title.
Promo PLT Package
- unlimited searches for availability of proposed name reservation of company name
- preparation of submission to SSM
- inclusive of SSM name reservation fee
- inclusive of SSM company registration fee
- inclusive of SSM certificate fee
- appointment of company partners
- appointment of compliance officer
We will provide
- original Certificate of Registration from SSM
- original LLP Profile report from SSM
- BONUS: resolution to open bank account
The Process
with Bookkeepers.my
- Provide the desired name of company for checking
- Provide supporting details of company and partners
- Pay deposit
- Submission to SSM by us
- Respond to query from SSM (if any)
- Your new PLT incorporated and ready
to do business!
Can be as fast as 36 hours