Two limited-liability vehicles, very different DNA
A Limited Liability Partnership (“LLP”) is regulated under the Limited Liability Partnerships Act 2012. A private company (“Sdn Bhd”) is regulated under the Companies Act 2016. Both give their owners a degree of insulation from business debts, but they were designed for different ways of doing business.
Side-by-side comparison
| Aspect | LLP | Sdn Bhd (Private Company) |
|---|---|---|
| Governing statute | Limited Liability Partnerships Act 2012 | Companies Act 2016 |
| Legal status | Separate legal entity | Separate legal entity |
| Capital structure | Partners' capital contribution | Share capital divided into shares |
| Ownership | Partners share in capital and profits as agreed | Shareholders hold shares carrying rights against the company |
| Number of owners | Minimum 2 partners; no statutory maximum | Minimum 1, maximum 50 shareholders (s. 42 CA 2016) |
| Management | By the partners | By the board of directors |
| Personal liability of owners | Partners are not personally liable for the LLP's obligations, except for the partner's own wrongful act or omission (s. 21 LLP Act 2012) | Shareholders' liability is limited to amounts unpaid on their shares |
| Compliance burden | Lighter, annual declaration of solvency; no statutory audit by default | Heavier, Annual Return, financial statements, audit (subject to exemption thresholds), board procedures |
| Best suited for | Professional practices, small business ventures, holding vehicles for joint ownership | Operating businesses, businesses seeking external investment, businesses planning to issue equity incentives |
How to choose
If your business is a small group of professionals or a closely-held venture without external investors, the LLP's lighter compliance burden and simpler profit-sharing arrangements are often a better fit. If you anticipate raising funds, issuing equity to employees, or growing to more than a handful of owners, the Sdn Bhd's share-based structure and investor-familiar governance make it the safer default.
Beneficial ownership disclosure applies to both
Both LLPs (via the 2024 amendment to the LLP Act 2012) and companies (via the 2024 amendment to the Companies Act 2016) are now within the beneficial ownership disclosure framework. Choice of vehicle no longer changes BO transparency.
If you are choosing between a Sdn Bhd and an LLP for a new venture, or weighing a conversion of an existing entity, please contact us. The right form depends on the operating model, the partner mix, and the fundraising plan, not on tax framing alone.
两种有限责任载体，截然不同的内在
有限责任合伙（"LLP"）受《2012 年有限责任合伙法令》规范；私人有限公司（"Sdn Bhd"）受《2016 年公司法令》规范。两者均赋予拥有人一定程度的债务隔离，但其设计是为不同的商业模式服务。
并排比较
| 方面 | LLP | Sdn Bhd（私人有限公司） |
|---|---|---|
| 所依法令 | 《2012 年有限责任合伙法令》 | 《2016 年公司法令》 |
| 法律地位 | 独立法人 | 独立法人 |
| 资本结构 | 合伙人之资本出资 | 分为股份之股本 |
| 所有权 | 合伙人按约定分享资本与利润 | 股东持有股份，享有对公司之权利 |
| 所有人数 | 最少 2 名合伙人；无法定上限 | 最少 1 名，最多 50 名股东（《公司法令》第 42 条） |
| 管理 | 由合伙人管理 | 由董事会管理 |
| 所有人的个人责任 | 合伙人不对 LLP 之债务承担个人责任，唯须对其本人之错误行为或不作为负责（《LLP 法令》第 21 条） | 股东之责任以未缴纳之股款为限 |
| 合规负担 | 较轻，年度偿付能力申报；默认无须审计 | 较重，周年申报、财务报表、审计（除非符合豁免门槛）、董事会程序 |
| 最适合 | 专业服务团队、未引入外部投资人之小型业务、用作共同持有载体 | 运营性业务、计划融资之业务、计划向员工授予股权激励之业务 |
如何选择
若您的业务是小规模的专业团队，或尚未引入外部投资人的紧密持股企业，LLP 较轻的合规负担与较简单的利润分配安排，往往更合适。若您预期融资、向员工授予股权激励，或扩展至数位以上股东，Sdn Bhd 之股本结构与投资人熟悉的治理机制，便是较稳妥的默认选择。
受益所有权披露同样适用
无论 LLP（依《LLP 法令》2024 年修订）或公司（依《公司法令》2024 年修订），如今均已纳入受益所有权披露框架。选择哪一种载体，已不再改变 BO 透明度。
若您正为新项目在 Sdn Bhd 与 LLP 之间作出选择，或考虑将现有实体进行转换，请与本所联系。合适的形式取决于经营模式、合伙人结构与融资规划，而不仅止于税务考量。