3E Accounting Malaysia featured on LLP Article in ACCA Magazine – Rocky Path for LLP Rollout

On November 2015. In the article, Partner of 3E Accounting Malaysia was privileged to get interviewed by ACCA Magazine on LLP issues.

ACCA’s November 2015 write-up for 3E Accounting Malaysia – Rocky Path for LLP rollout.

Amidst reports of obstacles and ambiguities, accounting ﬁrms in Malaysia have been slow to take up the option to register for limited liability partnership status.

Partner of 3E Accounting, an independent member of 3E Accounting International Network, says the introduction of the Limited Liability Partnership “LLP” is ‘great news’ for professional accounting ﬁrms. 3E Accounting was among the ﬁrst batch of accounting ﬁrms to register as an LLP.

She explained that a LLP is an alternative business vehicle to carry out business which combines the characteristics of a private company and a conventional partnership. Its salient features as a separate legal entity offering limited liability and perpetual succession are the main factors that made 3E Accounting choose to be registered as an LLP.

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During 3E Accounting Malaysia registration, there were lots of ambiguities on the setup procedures. However, the steps are clearer now and also, improved registration guidelines are published on the MIA portal. 3E Accounting Malaysia believed this is the result of ﬁne-tuning after more accounting ﬁrms registered as LLPs.

PwC Taxation Services Malaysia has identiﬁed some of the issues and uncertainties that the LLP rollout has thrown up in the article. Nevertheless, she believes that the situation will improve as time goes on, and as the private sector becomes more familiar with LLPs.

She is conﬁdent that the uncertainties arising from the introduction of LLPs will also be resolved in due course. She cites the example of the Inland Revenue Department, which recently issued a public ruling on taxation for LLPs.