Existing conventional partnership or private company (SdnBhd) may convert into a Limited Liability Partnership (LLP) to enjoy the following advantages: –
Following are the steps involved in converting an existing traditional partnership or private business (SdnBhd) into a limited liability partnership (convert SendirianBerhad to LLP):-
You must set up a new LLP.
It is necessary to transfer all of the partnership’s or company’s assets and liabilities to the newly formed LLP.
It is necessary to transfer all of the partnership’s or company’s assets and liabilities to the newly created LLP.
The partnership or business must be legally cancelled by submitting the proper documents.
The LLP is ready to start working.
(a) LLP replaces a traditional partnership.
Partners are unchanged after conversion.
The standard partnership is financially secure.
For professional practice, an approval letter is necessary from the governing body.
(b) From LLP to a private limited company (Sdn Bhd)
After the conversion, the same shareholders exist.
The privately-held business is financially stable.
There are no more unpaid statutory fees owed to government organisations.
The conversion is approved by all creditors.
Converting into LLP means,The properties, interests, rights, privileges, responsibilities, duties, and undertaking of the conventional partnership or private business are transferred to the limited liability partnership
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