On 9 May 2014, Malaysia's Inland Revenue Board published Public Ruling 3/2014, which clarifies the tax treatment of limited liability partnerships (LLP). The public ruling covers the following key information.
LLP Formation
An LLP is a hybrid of a company and a partnership that provides limited liability to its partners. An LLP can be formed by a minimum of two partners with no maximum limit. However, an LLP is allowed to carry on business for up to six months with less than two partners…