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• At least two (2) partners, No Limit for maximum number of partners.
• The partners could be Individuals (natural persons) or
• Bodies corporate or a combination of both.
• No requirement on partners to have principal or only place of residence in Malaysia unless the partner(s) acting as the compliance officer of the LLP.

• To appoint at least one (1) Compliance Officer.
• Either One (1) from amongst the partners of the LLP or a person qualified to act as a secretary under the Companies Act 2016.
• At least 18 years of age.
• A Citizen or Permanent Resident of Malaysia and ordinarily resides in Malaysia.

• A registered office in Malaysia to which all communications and notices may be addressed.
• It can be residential or commercial, but can’t be a post office box.

Without LLP Agreement:

The LLP is governing by “Default Provisions” for LLP under Second Schedule of LLP Act 2012

• All the partners are entitled to share equally in the capital and profits of the LLP;
• Every partner may take part in the management of the LLP;
• No partner shall be entitled to remuneration;
• Any matter of issue relating to the LLP shall be decided by resolution passed by a majority in number of partners and for this purpose, each partner shall have one vote;

Partners of LLP are strongly advised to enter into an LLP Agreement while setting up the business of LLP to avoid future dispute between partners.

With LLP Agreement:

Key considerations for drafting the partnership agreement:

• Capital Contribution;
• Share of profit;
• Rights & duties of partners;
• Management and control of the business;
• Remuneration of partners (Tax Deductible Expenses);
• Holding of property (Important for Purchase of Property).

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