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What is the different between a Sdn. Bhd. Limited Liability Partnership LLP Conventional Partnership and Sole Proprietor?
  Company (Sdn Bhd) Limited Liability Partnership (LLP) Conventional Partnership Sole Proprietor
Capital contribution Share  capital Partners' contribution Partners' contribution Own contribution
Owners of the Business Shareholders LLP Partners Partners Sole proprietor 
Personal liability No No Yes Yes
Legal status Separate  legal entity Separate legal entity  Not a separate legal entity Not a separate legal entity
The party that is liable for debts of the business Company LLP Partners Sole proprietor
Responsibility for business management Directors LLP Partners Partners Sole proprietor
Minimum and Maximum number of shareholders/partners

Minimum 1 to maximum of 50  members/shareholders (in private company)

Minimum 2 to unlimited Minimum 2 to maximum of 20 partners Sole proprietor only
Subject to statutory audit Yes No No No
Required an approved secretary Yes No No No
Submission of Financial statements to SSM Yes(full set) within 7 months from its year end No (only certain items), within 3 months from its year end No No

 

If my company not doing business or cease operation shall I still need to file/submit the forms to SSM or Inland Revenue Board?

Yes, If you have ceased your operation/business, you still need to file or submit the forms to SSM and Inland Revenue Board for every year until your company is properly winding up in member voluntary basis. 

When shall I file my tax return form?
Form Description Deadline on
E Employment 31/03
BE Salary group (non Business) 30/04
B Business Group (Sole proprietor/partner) 30/06
P Partnership form 30/06
C Company (Sdn Bhd) 7th month from year-end
PT Limited Liability Partnership (LLP) 7th month from year-end
CP204 Tax estimate 1 month before the beginning of the next assessment year
CP 204A Tax estimate amendment 5th installment month or 6th basis period of a year of assessment
Shall I still need to file my/ my company tax return form every year if I have no income for a particular year?

Yes, you shall file your tax return form every year even you have no source of income to declare or not taxable as long as you have open a tax file before.

How many years shall I keep my records and book of account?

Pursuant to Companies Act, 2016 you are required to keep your records and book of accounts for 7 years, for tax purposes, you are required to keep the records and book of accounts for 6 years.

What type of documents shall I provide to you to perform book keeping and accountancy for me?

All your invoices and cash bill, official receipt, debit and credit note, supplier invoices and cash bill, supplier statement, bank statements, stock list (if applicable),  payment voucher, payroll summary/slip, EPF, SOCSO, agreement and any other documents related to your business trnsactions for the period.

What type of information and documents to form a Sdn Bhd or LLP?

List of documents and information to form a Sdn Bhd or LLP are as fllows:

No. Description Information and Documents needed
1 Proposed company name (for our name search) 1.____________________________________________________________________________
2.____________________________________________________________________________
3.____________________________________________________________________________
2 Proposed company registered office  
3   Party A
(Director*/Shareholder*/Partner*) * cut off which is not applicable
Party B
(Director/Shareholder/Partner)* * cut off which is not applicable
4

Proposed each of

Directors/shareholders/Partners

Name:

Residential address :

Email address:

No of Share

 

 


_________________________________________

_________________________________________

_________________________________________

_____________________ordinary shares

Copy of IC (front and back at a page)

 

 

 

_________________________________________

_________________________________________

_________________________________________

__________________ordinary shares


Copy of IC (front and back at a page)

5

Declaration whether:

His/Her age is not less than 18 years old ;and

He/She is not a bankruptcy 



Yes  /  No

Yes  /  No



Yes  /  No

Yes  /  No

6 Payment for incorporation fee    
7 Email to nshcorp@yahoo.com