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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my-unisza-ir.38802022-01-10T04:24:59Z http://eprints.unisza.edu.my/3880/ Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia Abd Ghadas, Prof. Dr. Zuhairah Ariff K Law (General) 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. SWEET & MAXWELL 2018 Book Section NonPeerReviewed text en http://eprints.unisza.edu.my/3880/1/FH05-FUHA-19-23565.pdf text en http://eprints.unisza.edu.my/3880/2/FH05-FUHA-19-23567.pdf text en http://eprints.unisza.edu.my/3880/3/FH05-FUHA-19-24710.pdf Abd Ghadas, Prof. Dr. Zuhairah Ariff (2018) Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia. In: Developments in Malaysian Law : Essays Commemorating 50 years of Legal Education at UiTM (1968 - 2018). SWEET & MAXWELL, UK, pp. 127-152. ISBN 978-967-2187-48-6 |
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K Law (General) Abd Ghadas, Prof. Dr. Zuhairah Ariff Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia |
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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. |
format |
Book Section |
author |
Abd Ghadas, Prof. Dr. Zuhairah Ariff |
author_facet |
Abd Ghadas, Prof. Dr. Zuhairah Ariff |
author_sort |
Abd Ghadas, Prof. Dr. Zuhairah Ariff |
title |
Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia |
title_short |
Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia |
title_full |
Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia |
title_fullStr |
Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia |
title_full_unstemmed |
Indoctrinating Limited Liabilty in Partnership Business Entities: The Development in Malaysia |
title_sort |
indoctrinating limited liabilty in partnership business entities: the development in malaysia |
publisher |
SWEET & MAXWELL |
publishDate |
2018 |
url |
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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