Form a Limited Liability Partnership
What is PLT or LLP?
PLT stands for Perkongsian Liabiliti Terhad is an equivalent of a Limited Liability Partnership (LLP). All entities registered under this form carries the abbreviation ‘PLT’ in their names. (e.g. Koh & Leong Accounting Advisory PLT)
Who is it for?
- The LLP business structure is crafted to accommodate a broad spectrum of lawful business activities, all geared toward generating profit.
- Professionals, including Lawyers, Chartered Accountants, and Company Secretaries, can also establish an LLP to conduct their professional practices.
- This concept not only aids startups and SMEs in fostering business growth but also alleviates concerns about personal liabilities, personal assets, and stringent compliance requirements.
Formation costs
Annual maintenance
Liability protection
Administrative structure
Tax on entity
Ease of growth
Formation costs
Annual maintenance
Liability protection
Administrative structure
Tax on entity
Ease of growth
LLP
RM1,500 for a typical LLP, though a specially tailored LLP agreement can increase the costs.
Less as no obligation to appoint Company Secretary or Auditor.
Limited to paid-up capital of LLP.
Simpler. Only mandatory appointment is a Compliance Officer which can be filled by a partner.
Less tax incentives
Harder to secure loans / grants
Sdn Bhd
RM3,000 to RM4,000 for a typical Sdn Bhd, a custom setup can increase costs.
Higher due to legal obligation to appoint:
Company secretary (~RM2,000)
Auditor (RM4,000 and above)
Limited to share capital.
More complicated, involves several mandatory appointments and changes in company details must be reported to SSM through correct channels.
More tax incentives
Easier to obtain loans / grants due to higher credibility from mandatory annual audited accounts.
4 Steps to Form a LLP/ PLT
Congratulations on deciding to incorporate an LLP/PLT company!
We are thrilled to guide you through the process to achieve your objectives. The series of steps is as follows:
Preliminary Interview - Meet and Speak with us
It commences with your initial call to us. During our meeting, share your thoughts and plans with us.
Quotation Preparation - Sign and return our quotation
We will prepare and send you a quotation with details of the scope of work and our price. If you are agreeable, you are to sign and return us the quotation.
Application Preparation - Submit your application
We will request the documents required from you. Then, we will help to prepare the forms and supporting documents and submit them to SSM, along with settling all applicable application fees.
Approval - Settle the rest for you
Once your application is approved, you’re advised to get all other business licenses and trademarks needed before your LLP begins operating. If you’d like, we could help you with those as well.
The entire process can be done within 3 working days!
How is pricing determined for this service?
The incorporation fee for LLP mainly consists of a one lump-sum LLP package (inclusive of statutory fees).
However, if you require our assistance to obtain business licenses and trademarks, we may assist in those tasks as well, with additional charges.