Comparison of the business organization in Malaysia
By MALAYA CORPORATE
| Syarikat |
Limited Liability Partnership (LLP) | Enterprise | |||
| Public Company | Private Company | Conventional Partnership | Sole Proprietorship | ||
| Rules & Regulations | Akta Syarikat 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 | Pegawai Pematuhan | 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 |
Yuran Pendaftaran | 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 | ||
