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The Limited Liability Company as well as a Conventional Partnership could be converted to Limited Liability Partnership, is both entity fulfill the requirement required by the law. The conversion is benefit since the business entity could brought forward the business losses and unabsorbed capital allowances to the new business entity which is Limited Liability Partnership.
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Conversion To Limited Liability Partnership
Loh Boon HowChartered Accountant
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Conversion to LLP – Part 1B. H, Loh & Associates
Conventional Partnership (CP)
Limited Liability Partnership (LLP)
3
Condition Of Conventional Partnership
Condition to convert to Limited Liability Partnership (LLP)
1. Same partners,
2. The conventional partnership I solvent,
3. Professional practice, an approval letter from the professional organisation.
B. H, Loh & Associates
4
Document Require From Conventional Partnership
Document require to convert to Limited Liability Partnership (LLP)
1. The name and registration number of the conventional partnership,
2. The date of conventional partnership,
3. The conventional partnership able to pay its debts (they become due in the normal course of business).
B. H, Loh & Associates
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Condition Of Limited Liability Company
Condition to convert to Limited Liability Partnership (LLP)
1. Same shareholder,
2. There is no subsisting security interests in its assets,
3. The private company is solvent,
B. H, Loh & Associates
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Condition Of Limited Liability Company
4. All outstanding statutory fees to government agencies has been settled,
5. Place an advertisement in newspaper and the Gazette,
6. All creditors agreed to the conversion.
B. H, Loh & Associates
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Conversion to LLP – Part 2B. H, Loh & Associates
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
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Document Require From Limited Liability Company
Document require to convert to Limited Liability Partnership (LLP)
1. The name and registration number of the private company,
2. The date on which the private company was incorporated,
B. H, Loh & Associates
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Document Require From Limited Liability Company
The private company appears to be able to pay its debts as they become due in the normal course of business,
All outstanding statutory fees or any amount owning to any government agency has been settled,
B. H, Loh & Associates
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After conversion to LLP
1. Pending proceeding will be continue,
2. Pending conviction will be continue,
3. Existing contracts will be continued,
4. Existing appointment and employment will be continued,
5. However, the permit should be reapply.
B. H, Loh & Associates
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Conversion to LLP – Part 3B. H, Loh & Associates
Limited Liability Company (LLC)
orConventional
Partnership (CP)
Limited Liability Partnership (LLP)
Not allowed
to recovert
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After conversion to LLP
The ordinary business entity will be automatically dissolve,
Once converted will not revert to ordinary business entity,
Required to state in the invoice and correspondence letter, the previous name prior to conversion for a period of 12 months and within 14 days of conversion.
B. H, Loh & Associates
Thank you
B. H. Loh & AssociatesAddress :
No. 1-3-15, Goldhill Complex, Tingkat Paya Terubong 1,
11060 Penang.
H/P No. : 016-4893382Email : [email protected]
Web-site / facebook : bhloh.com.my
B. H. Loh & Associates
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