The evolution of partnership structure; Special reference to governance legal framework for LLPs.
Limited liability partnership (LLP) is a new business vehicle that gain popularity among the small and medium businesses (SMEs) due to the concept of “partners limited”; whereby all the business partners in the LLP do not have to worry of being sued or be responsible on the partnership obligation...
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| Main Authors: | , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2018
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| Subjects: | |
| Online Access: | http://eprints.unisza.edu.my/1382/1/FH03-FUHA-19-22898.pdf http://eprints.unisza.edu.my/1382/ |
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| Summary: | Limited liability partnership (LLP) is a new business vehicle that gain popularity
among the small and medium businesses (SMEs) due to the concept of “partners
limited”; whereby all the business partners in the LLP do not have to worry of
being sued or be responsible on the partnership obligations and liabilities. If
anything happen to the LLP, the law spells out that the partners’ personal assets
are not affected at all under the legal process such as possession of belongings to
pay the LLP debts. LLP business structure is based on trust and good faith; but
somehow an agreement shall be sign by all partners to ensure fair sharing of profit
and loss; or other business practices. In Malaysia, LLP has been introduced and
recognized as a body corporate; with the separate entity between the partners and
LLP. This paper deliberates on the concept of LLP and the proposed governance
framework which would be useful for Malaysia LLPs. |
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