The evolution of partnership structure; Special reference to governance legal framework for LLPs.

Hamizah, Abdul Rahman and Zuhairah Ariff, Abd Ghadas (2018) The evolution of partnership structure; Special reference to governance legal framework for LLPs. In: INTERNATIONAL CONFERENCE ON LAW AND GLOBALISATION 2018 (ICLG2018), 21 Oct 2018, UNISZA.

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Abstract

Limited liability partnership (LLP) is a new business vehicle that gain popularity among the small and medium businesses (SMEs) due to the concept of “partners limited”; whereby all the business partners in the LLP do not have to worry of being sued or be responsible on the partnership obligations and liabilities. If anything happen to the LLP, the law spells out that the partners’ personal assets are not affected at all under the legal process such as possession of belongings to pay the LLP debts. LLP business structure is based on trust and good faith; but somehow an agreement shall be sign by all partners to ensure fair sharing of profit and loss; or other business practices. In Malaysia, LLP has been introduced and recognized as a body corporate; with the separate entity between the partners and LLP. This paper deliberates on the concept of LLP and the proposed governance framework which would be useful for Malaysia LLPs.

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