Comparison between business
organizations in Malaysia
|
Company |
Limited Liability
Partnership (LLP) |
Enterprise |
||
Public Company |
Private Company |
Conventional
Partnership |
Sole Proprietorship |
||
Rules & Regulations |
Companies Act 2016 |
Limited Liability
Partnerships Act 2012 |
Registration of
Business Act 1956 |
||
Entity name
appearances |
Company ended with
“Berhad” |
Company ended with
“Sdn Bhd” |
Company ended with
“PLT” |
Personal name as
stated in the identity card or using a trade name |
|
Owner (s) of the
business |
1)
Members / Shareholder 2)
Individual (natural person)
or bodies Corporate or combination of both |
1) Partners 2) Individual (natural
person) or bodies Corporate or combination of both |
Partners |
Sole proprietor |
|
No of shareholders/
partners |
Min 2 shareholders and
no limit for the maximum number of shareholders |
Min 1 shareholder and
max 50 shareholders |
Minimum 2 partners and
no limit for the maximum number of partners |
Owner or partners must
be a Malaysian Citizen or Permanent Resident of Malaysian |
|
Legal status |
Separate Legal Entity |
Separate Legal Entity |
Not a separate legal
entity |
Not a separate legal
entity |
|
Perpetual succession |
Yes |
Yes |
No |
No |
|
Capital Contribution |
Share capital from
Shareholders |
Partners contribution |
Partner contribution |
Own contribution |
|
Responsibility for
management of business |
Board of directors |
Partners |
Partners |
Sole proprietor |
|
No of directors |
Minimum 2 |
Minimum 1 |
N/A |
N/A |
N/A |
Returns |
Dividends
|
Shares of profit |
Shares of profit |
Profit of the business |
|
Profit sharing |
Follow shareholding
proportion in the Company |
Specify in LLP
Partnership Agreement |
Specify in Partnership
Agreement |
Entitled to all profit
|
|
Personal liability |
Liability of
shareholder is to the extent of unpaid shares only |
To the extent of
contribution only |
Unlimited liability |
Unlimited liability |
|
Limitation of
Liability |
Limited |
Limited |
Unlimited |
Unlimited |
|
Company Secretary/
Compliance Officer |
Qualified Company
Secretary |
Compliance Officer |
N/A |
N/A |
|
Statutory Audit
Requirement |
Compulsory |
Compulsory (there are
also company that qualified for audit exemption) |
Not Compulsory unless
stated in the LLP agreement |
Not required |
Not required |
Compliance &
Submission to SSM |
Annual return and
Audited Financial Statements every Calendar year |
Annual return and
Audited/Unaudited Financial Statements every Calendar year |
Annual Declaration of
Solvency Statement within 90 days from the end of financial year |
N/A |
N/A |
Registration fee |
RM 1,000.00 |
RM 500.00 |
Personal Name: RM
30.00, Trade name: RM 60.00 |
||
Annual Fee |
Rm
200.00 (RM 150 for Annual Return, RM 50.00 for Audited Financial
Statement) |
RM 200.00 |
Personal Name: RM
30.00 per year, Trade name: RM 60.00 per year |