I want to share why and how I closed one of the Limited Liability Partnerships (LLPs) that I registered in 2016. In that year, I opened and re-registered the LLP with my business partner.
I took responsibility as a compliance officer for the LLP. However, in 2019 and 2021, I opened two LLPs for my new businesses with partners.
It is indeed not easy to manage a business entity. So I took it easy and did not manage it properly. After three years of not carrying out any business activities and not submitting any financial reports, I received an official email (compound and penalty) from the Companies Commission of Malaysia (SSM). SSM sent a payment notice of RM15,000.
At that time, I did not have any knowledge about how to prepare annual financial and accounting reports, opening an LLP without any commercial activity. After receiving the notice, I panicked because I imagined RM15,000 that needed to be paid because of my negligence and lack of seriousness in business management matters.
This is my advice to you who are reading: Do not arbitrarily open a company or business entity if you have no clear plan or objectives. Just a reminder, you are not opening an “Enterprise (business license)”, but opening a Limited Liability Partnership (LLP) or a company (Private Limited / Limited). It involves commitment and is not a matter that we can take lightly.
Finally, I had to make a decision with my partner to close the LLP as soon as possible before being penalized RM15,000. I am grateful that my second LLP is managed properly with another partner, where business reports, annual accounting of the LLP and LLP tax payments are done correctly.
For the process of closing my first LLP, as a compliance officer, I am responsible for doing the “winding up” or closure of the LLP from the beginning to the end. Although I failed at first to manage the business entity properly, the experience taught me many things, one of which is how and the steps to close the LLP properly.
For your information, you need to prepare the documents below before uploading online through the MyLLP system.
Supporting documents
The process of dissolving the LLP or “winding up LLP” needs to be done online. You just need to manage all these documents before you can make the application.
From my experience, the process is quite complicated and there are agents or company secretary companies that provide LLP closure services for LLP owners like you.
It took me about two months to do all this originally without help and guidance. Two months I spent looking for information, contacting various parties until the end of the official closure process of my LLP. It requires commitment, time and money to be resolved properly.
I was quite surprised when there were agencies or secretarial companies that charged up to RM6000 to do the LLP closure process on your behalf.
With a cost of RM6,000, I believe many are willing to pay it because they do not want to be compounded RM15,000 by SSM. What is RM6,000 compared to a fine of RM15,000, right? And I think RM6,000 is worth it because it is not easy to resolve all the things above.
If you have made a decision to close your LLP, you have two options, either you can:
In this ebook, I have documented and listed the important steps that you need to take so that you can do your own closure of your LLP. Here is what you will get in the DIY ebook “Do-it-Yourself Guide and Steps to Dissolve LLP Without Agent”:
The four (4) advantages of this ebook are as follows:
There are detailed step-by-step instructions for each process and action to be taken
Instead of wasting thousands of ringgit, you can do this process yourself. Be a smart business user and entrepreneur.
Believe it or not, I almost took two months to get all the information. Don't make the same mistake as me
To get all the information, I made dozens of calls, here and there (SSM and LHDN). So, don't waste your energy like I did before
#MudahPLT ialah sebuah platform penting yang membantu dan membimbing para usahawan di Malaysia yang ingin menceburi bidang perniagaan melalui struktur Perkongsian Liabiliti Terhad (PLT) sama ada secara kecil atau besar.
Seperti kata pepatah, sedikit-sedikit, lama-kelamaan menjadi bukit.
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