Procedure of conversion from Private Company to LLP
By MALAYA CORPORATE
A Limited Liability Partnership (LLP) is a separate legal entity as distinct from its member. In addition, if there are any changes related to the partners of LLP, it will not affect its existence, rights and liabilities of the LLP.
For every PLT, they must have a Compliance Officer where the person must be registered through the MyLLP Portal and verify their identity at the Companies Commission of Malaysia (CCM) office. The roles of Compliance Officer is to lodge or submit documents on behalf of the partner or LLP.
The criteria for the appointment of Compliance Officer are as follows:
One of the partners or individual qualified to as a secretary under the Companies Act 2016.
Malaysian / permanent residents aged 18 years and above
Information that needs to be provided
For an application of conversation from a Private Company (SDN BHD) to Limited Liability Partnership (LLP), the application can be made to the Registrar by submitting the following information:
- Name and registration number of the private company;
- The date of incorporation under the Companies Act 1965/2016;
- That on the date of application, the private company is found to be able to pay its debts when the debts are due in ordinary course of business;
- That on the date of application, all outstanding fees or any amount due to any government agency have been paid;
- That the private company has published an advertisement in at least one newspaper widely circulated in Malaysia and published a notification in Gazette of its intention to convert to LLP;
- That all its creditors have agreed to the application to convert to LLP;
- All Shareholders and creditors agreed on the exchange of the company status;
- Proposed name of the PLT;
- General nature of business of the proposed PLT;
- The registered office of the proposed PLT;
- The names and details of each person that will be a partner of the PLT; and
- The names and details pf LLP compliance officers
The LLP conversion fee from a private company to PLT is RM 500.00 (payment to SSM)
After the company is successfully converted from Private Company to LLP, the notice of conversion will be issued. A certificate of the conversation only be issued when the application and the prescribed fee already being made.