The Limited Liability Partnership (LLP) is a valuable business entity available for smart Entrepreneurs, Partnerships, Sole Proprietors and Sdn Bhds to not only manage their business risks, but to also enjoy the prospect of reduced tax exposure through efficient tax planning.
The LLP Act 2012 came into effect in December 2012. This programme will provide insights on the practical application of the Act, LLP Regulations 2012 and the latest P.U. Orders. It will also help clear the confusion surrounding critical elements in the LLP’s accounting, tax treatments process and legislative/statutory compliance procedures. Also covered are the areas of potential tax planning available for LLP entities. Practical understanding will be enhanced via hands on simulation on how the tax computation and annual tax cycle compliance works for an LLP.
This programme seeks to help you understand:
• The unique “hybrid” features of an LLP, how it helps business growth and manage risks at the same time
• The laws governing LLPs and how they affect stakeholders
• The procedures in setting up an LLP, the administrative and tax compliance procedures with SSM, IRB and RMC
• Which business operation models or conditions may be more suited with an LLP
• The LLP’s Partnership Agreement and its key components
• The duties and responsibilities of Partners and Compliance Officers (C.O.) in an LLP and whether there are risks associated with an independent C.O.
• Through a comparative analysis, the legal and entity structure differences between a Sole Proprietor, Partnership, Sdn Bhd and LLP
• The process of converting an existing conventional Partnership or Sdn Bhd into a new LLP entity
• And evaluate the advantages and potential pit falls of converting an existing partnership or Sdn Bhd into an LLP, as permitted under the LLP Act 2012
• The practical application of tax issues available to LLP to maximise tax efficient for the enterprise and to minimise tax liabilities/disadvantages
• The LLP entity Income tax computation process via simulation approach
• Companies Act 2016–A briefing on the key changes and impact on existing companies and companies to be incorporated
(C) WHO SHOULD ATTEND
• Business Entrepreneurs
• Existing Partnerships, Sole Proprietors or Owner/Directors of Sdn Bhds
• Auditors, Lawyers, Doctors, Company Secretaries and staff of professional firms
• Tax Managers and Executives
• Finance Managers/CFOs/Finance Directors
• Accounts and admin staff
Graphical slides presentation, lectures, discussions, and hands on practice on LLP’s tax computation.
(E) COURSE SCOPE
• LLP and the governing Act
• Salient and hybrid features of a LLP
• Types of LLPs available and incorporation procedures
• LLP’s separate legal entity and limited liabilities concept explained
• Determining an LLP’s registered office and residence status
• Business operation models or conditions that are best suited for an LLP
• Duties, responsibilities and risks of the Partners & Compliance Officer in an LLP
• Understanding the various LLP’s lodgment process and statutory forms with SSM
• Procedure for change in Partners and its impact for an LLP
• Concept of actions by the LLP Partner and the Agent of LLP
• Concept of Chargeable Person in an LLP
• LLP Partners’ Agreement explained and key components for
• Accounting for LLP—Treatment of Partners’ capital contribution account, current account, assets, loans to/from the partners, etc
• The concept of Partners’ remuneration scheme and guide on distribution of profits in an LLP
• Record keeping requirement in a LLP—registers and financial
• The Due process of converting an existing conventional Partnership or Sdn Bhd into a new LLP entity
• Understand and evaluate the advantages and potential pit falls of converting an existing Partnership or Sdn Bhd into an LLP as permitted under the LLP Act 2012
• Procedures for the Dissolution of an LLP
• A comparative analysis of the legal and entity structure between Sole Proprietorship, Partnership, Sdn Bhd and LLP
• Tax Planning guides on LLP transactions, which would be beneficial to the LLP Partners
• LLP’s preferential tax rate, tax cycle compliance guides and procedures with IRB and Custom’s GST
• Penalties and fines on non-compliance of both LLP’s statutory compliance and Tax compliance by the LLP Partners
• LLP’s Tax Computation Simulation
• An Overview of the Companies Act 2016 and the key changes and the specific areas which will impact the existing company on Capital structure, directors, auditors, company secretary responsibilities, etc
(F) DETAIL & FEE
Date: 6 January 2020 (Mon)
Time: 9.00AM - 5.00PM
Venue: DoubleTree Hilton, Johor Bahru
Special Offer (before 28 Nov 2019) - RM 570
Normal Fee - RM 630
*Fee includes course Notes, Lunch, Refreshments/ Tea Breaks, Certificate of Attendance & 6% Government Service Tax
(i) 10% (overriding) for members of SST2u Loyalty Card
(G) SPEAKER PROFILE
HRDF Certified Speaker
Simon Low is a trained speaker on the subject of GST, Income Tax, LLP & Companies Act. He is a Certified Public Accountant (C.P.A) and is a member of Malaysia Institute of Accountant (M.I.A) and Malaysia Institute of Certified Public Accountant (M.I.C.P.A).
He has extensive over 20 years of working experience in Personal & Corporate Tax Planning & Compliances, Company Secretary, Sales & Service Tax Compliances as well as Auditing & Corporate Restructuring.
As the Companies Act 2016 has come into effect on 31 January 2017, Simon would like to bring his expertise and share his insights on major changes in the new Company laws and the new Compliance procedures. Improve comprehension on how Company has the tax advantages compares to other business entities structures.
Simon’s expertise in the Company Law subject and know how and his background as a tax consultant will give him an additional competitive edge to address the joint topic of new Company Law & tax much better than other practitioners.
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