SYNOPSIS

The Limited Liability Partnership Bill 2011 has been passed by Dewan Negara on 22 December 2011 and is expected to be fully implemented by June 2012. The introduction of limited liability partnership is intended to provide more choices for businessmen and entrepreneurs in structuring and carrying out their business operations to be more competitive.

The proposed limited liability partnership is a hybrid between a company and partnership that accords the limited liability status to its partners in addition to retaining the characteristics of conventional partnerships that allows flexibility of operations.

This combination is formulated to fulfil the needs of small businesses or start-ups, venture capital and professionals. The proposed Bill will provide simple procedures for formation and registration, maintenance and dissolutions. As a result, the administrative and compliance costs are also expected to be low compared to that of a company. Such advantages will provide a catalyst for business growth in Malaysia and will make this country a dynamic business hub.

BIO DATA OF SPEAKER AND PANEL MEMBER

Mr. Johnny Yong, C.A. (M), CPA (Malaysia)
Mr.  Johnny Yong is an accountant by training. He is currently the Operations Director for MAICSA and also directly overseeing the Technical & Research Department of the Institute since November of 2011. Prior to joining MAICSA, he was the Head of Public Practice for the Malaysian Institute of Accountants (MIA). His exposure in accounting, auditing and tax has allowed him to have an overview of how businesses are operated in Malaysia and beyond. While in MIA, Johnny was also the Technical advisor to the Malaysian Representative from 2006 to 2008 in the International Federation of Accountants (IFAC), an international accountancy confederation with 150 over member countries based in New York, USA.

Ms. Mah Li Chen, FCIS, LLB
Ms. Mah Li Chen is presently the Chairman of the MAICSA’s Technical & Professional Practice Committee. She graduated with the ICSA qualification in 1995 and completed her LLB with Honours in 2003 from the University of London. She is a Chartered Secretary with over 20 years of experience in mainstream corporate secretarial work. She is also a corporate trainer for MAICSA and a lot of other organisations, speaking on topics relating to corporate secretarial practice, corporate governance and listing requirements.