In Malaysia, the most popular and legal business structure is partnership registration. The Registration of Businesses Act of 1956 and the Companies Commission of Malaysia both regulate partnerships.
Partners must be 18 years of age or older and a Malaysian citizen or Malaysian permanent resident. In Malaysia, a partnership must have a minimum of two participants.
To register a partnership, the following details are required:
By reporting the registrar or expiry of the registration, a partnership may be ended or terminated. Within 30 days after the day the business ceased operations, the business owner must inform the Registrar.
In the instance of a business partner’s passing, the partnership will be immediately terminated. Within four months of the date of the owner’s death, the person in charge or the owner’s next of kin must inform the Registrar.
For an active business, complete Form C, Notification of Termination of Registered Business.Form C is not required to be submitted which is already expired.
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