The Companies Commission of Malaysia (CCM) has introduced a new business vehicle called the limited liability partnership (LLP) as an alternative for businessmen to conduct business.
The Limited Liability Partnership Bill 2011, passed by Dewan Negara on Wednesday, will allow the public more options to choose their nature of business vehicle, either in the form of a company, sole proprietorship or partnership firm.
In a statement, the commission said the LLP would combine the characteristics of a company and partnership firm but provide the protection of a limited liability for its partners.
Source: BizStar
