Malay English

Current Update on LLP

 

COMPANY

LIMITED LIABILITY PARTNERSHIP (LLP)

GENERAL PARTNERSHIP

SOLE PROPRIETORSHIP

 

Capital Contribution

Share capital

Partners contribution

Partners contribution

Own contribution

Owner(s) of the business

Company (shareholders/members)

LLP (partners have a share in the capital and profit of the LLP)

Partners

Sole proprietor

 

Legal status

Separate legal entity

Separate legal entity

Not a separate legal entity

Not a separate legal entity

Party that is liable for debts of the business

Company

LLP

Partners

Sole proprietor

Responsibility for management of business

Board of Director

Partners

Partners

Sole proprietor

Personal ability

No personal liability of individual director or shareholder

 

Liabilities borne by the directors or shareholders are to the extent of unpaid share only

No personal liability of partner, except for own wrongful act or omission or without authority.

 

Liabilities borne by the partners are jointly and severally with the LLP to the extent of unpaid share capital only.

Unlimited liability (jointly and severally liable with the partnership) which can extend to personal assets of the partners

Unlimited liability which can extend to personal assets of the sole proprietor

Number of shareholder/partners

Minimum 2 and maximum 50 in private company

Minimum 2 and no maximum limit

2 to 20 partners (except forpartnership for professional practice with no maximum limit)

Sole proprietor only