Deciding to start a business but wondering which option should you choose and what are the pros and cons of each option?
Well, here is some sharing on the pros and cons of having a Single Person Company, a Sdn Bhd and LLP.
In a nutshell:
A Single Person Company (“SPC”) is referring to a Sdn Bhd with a single director and shareholder. Since SPC is manage by one single person it is always more business efficient in terms of decision making.
A Sdn Bhd (more than one director and shareholder) is usually preferred by your business partner or clients as compared to LLP. Banks also seems to have a higher comfort with Sdn Bhd than LLP thus making application of opening of accounts and etc easier.
Limited Liability Partnership or in short LLP, is a form of partnership with limited liability. It’s a hybrid of traditional partnership and company. Ease of adding and removing partners and lesser compliance cost as compared to a company (Sdn Bhd).
Which is better for you? It will depends on your business nature, your industry requirements and your objective.
How can Bizboard help?
Bizboard has a team of qualified and licensed company secretaries as required in the Companies Act 2016 and Companies Commission of Malaysia.
Our highly qualified team have worked throughout various industries and have an extensive knowledge to assist the company in secretarial matters.
For more information contact us.
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