Topics in the e-Guide

A conventional partnership (CP) is governed by the Partnership Act 1961. Its unique features include fast and easy registration, no corporate tax payments, less formal business requirements, winding up easily and lowest annual maintenance. It is always a suitable vehicle for 2 or above newly start-up business partners to try their new business strategy or explore a new market.

In 2012, an alternative business vehicle called Limited Liability Partnership (LLP) has been established under the Limited Liability Partnerships Act 2012. Its unique features include limited liability protection to partners, lower income tax rate, exemption from financial statement audit, separate legal entity status and perpetual existence. It becomes a recommended type of business entity for millions of small and medium-sized businesses.