Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia
Prior to the millennium era, there was only one partnership business entity in Malaysia, namely the general partnership which was governed by the Partnerships Act 1961. In 2012, a new business entity, known as Limited Liability Partnerships was introduced in Malaysia. The Limited Liability Partn...
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Format: | Book Section |
Language: | English English English |
Published: |
SWEET & MAXWELL
2018
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Subjects: | |
Online Access: | http://eprints.unisza.edu.my/3880/1/FH05-FUHA-19-23565.pdf http://eprints.unisza.edu.my/3880/2/FH05-FUHA-19-23567.pdf http://eprints.unisza.edu.my/3880/3/FH05-FUHA-19-24710.pdf http://eprints.unisza.edu.my/3880/ |
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Institution: | Universiti Sultan Zainal Abidin |
Language: | English English English |
Summary: | Prior to the millennium era, there was only one partnership business
entity in Malaysia, namely the general partnership which was
governed by the Partnerships Act 1961. In 2012, a new business entity,
known as Limited Liability Partnerships was introduced in Malaysia.
The Limited Liability Partnership Act 2012 (LLP Act) was passed
and gazetted in February 2012. The LLP Act 2012 is the outcome of
an initiative by the Companies Commission of Malaysia to develop
the local market. It marked a major development in Malaysian
business laws after more than half a century of independence. This
new business entity allows general traders and a few professionals
such as lawyers and accountants to set up an incorporated business
entity which is not a company.
The Malaysian LLP is a hybrid business entity which enjoys both
partnership and corporate attributes. Although the LLP has the status
of a body corporate, its internal regulation is similar to a partnership.
One of the significant developments of law which the LLP enriched is
altering the unlimited liability regime in partnership based business
entities. This article discusses and highlights the development and
application of limited liability in Malaysia’s partnership based
entities. |
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