Limited Liability Partnership (LLP) is an alternative business vehicle regulated under the Limited Liability Partnerships Act 2012 which combines the characteristics of a company and a conventional partnership. Which is Partnership with a limited liability to each partner. The liability is restricted to the contribution made by the partners.
Differences between an LLP and a company. Amongst others, the differences are:-
- No issuance of shares
- Flexibility in making decisions
- No formal requirement for Annual General Meetings
- No requirement to submit financial statements to SSM
- Accounts need not be audited.
How to register an LLP?
An LLP can be registered by way of an application made to the Registrar by providing the following information:-