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The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]

Partnership business structures have been accepted as a major venture capital vehicle, which is generally opted for by small and medium businesses, or by professionals that are prohibited from incorporating under the respective laws. The main objectives of this paper are first to highlight the chang...

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Main Authors: Abdul Rahman, Hamizah, Othman, Nurul Syahira, Tengku Zainal Mulok, Tengku Adida, Kamarul Zaman, Liziana, Wan Hashim, Wan Murshida
Format: Article
Language:English
Published: Universiti Teknologi MARA, Perlis 2021
Subjects:
Strategic alliances. Business networks
Business
Online Access:https://ir.uitm.edu.my/id/eprint/69351/1/69351.pdf
https://ir.uitm.edu.my/id/eprint/69351/
https://myjms.mohe.gov.my/index.php/intelek
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id my.uitm.ir.69351
record_format eprints
spelling my.uitm.ir.693512023-01-18T08:04:22Z https://ir.uitm.edu.my/id/eprint/69351/ The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.] Abdul Rahman, Hamizah Othman, Nurul Syahira Tengku Zainal Mulok, Tengku Adida Kamarul Zaman, Liziana Wan Hashim, Wan Murshida Strategic alliances. Business networks Business Partnership business structures have been accepted as a major venture capital vehicle, which is generally opted for by small and medium businesses, or by professionals that are prohibited from incorporating under the respective laws. The main objectives of this paper are first to highlight the changes in the legal attributes of general partnership structures, resulting from its evolution to limited liability partnerships (LLP). Secondly, it investigates the suitability of the LLP structure for some business partners, particularly professionals, as businesses grow with rising trade costs and litigation issues that have forced partners to take precautions regarding business liabilities. These situations have led to a tendency for existing partnerships to change from general to a hybrid entity (LLP). Thirdly, it also analyses the benefits and drawbacks of LLPs as an option for general partnerships. This paper adopts doctrinal and statutory analysis as the research methods, whereby secondary analysis of relevant documents and legal acts that govern partnership businesses are referred to. Some interviews were conducted with the LLP partners, registration bodies, and bankers, to review the current implementation issues related to LLPs. This research found that the general partnership business structure has many problems, mainly related to unlimited liability and accounting procedures, which affect the obligations and protections of partners’ benefits. To conclude, the question of whether LLPs is the best alternative for partners to opt for from a general partnership finds that it is the easiest choice, compared with incorporation, but many impediments occur in its implementations that must be considered by partners. although partners can protect themselves in LLPs with the partnership agreement, there are still many loopholes in its business implementation when it comes to integrity, trust, financing, reporting, sharing of profits, and other issues. Universiti Teknologi MARA, Perlis 2021-02 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/69351/1/69351.pdf The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]. (2021) Jurnal Intelek, 16 (1): 26. pp. 215-224. ISSN 2682-9223 https://myjms.mohe.gov.my/index.php/intelek
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Strategic alliances. Business networks
Business
spellingShingle Strategic alliances. Business networks
Business
Abdul Rahman, Hamizah
Othman, Nurul Syahira
Tengku Zainal Mulok, Tengku Adida
Kamarul Zaman, Liziana
Wan Hashim, Wan Murshida
The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]
description Partnership business structures have been accepted as a major venture capital vehicle, which is generally opted for by small and medium businesses, or by professionals that are prohibited from incorporating under the respective laws. The main objectives of this paper are first to highlight the changes in the legal attributes of general partnership structures, resulting from its evolution to limited liability partnerships (LLP). Secondly, it investigates the suitability of the LLP structure for some business partners, particularly professionals, as businesses grow with rising trade costs and litigation issues that have forced partners to take precautions regarding business liabilities. These situations have led to a tendency for existing partnerships to change from general to a hybrid entity (LLP). Thirdly, it also analyses the benefits and drawbacks of LLPs as an option for general partnerships. This paper adopts doctrinal and statutory analysis as the research methods, whereby secondary analysis of relevant documents and legal acts that govern partnership businesses are referred to. Some interviews were conducted with the LLP partners, registration bodies, and bankers, to review the current implementation issues related to LLPs. This research found that the general partnership business structure has many problems, mainly related to unlimited liability and accounting procedures, which affect the obligations and protections of partners’ benefits. To conclude, the question of whether LLPs is the best alternative for partners to opt for from a general partnership finds that it is the easiest choice, compared with incorporation, but many impediments occur in its implementations that must be considered by partners. although partners can protect themselves in LLPs with the partnership agreement, there are still many loopholes in its business implementation when it comes to integrity, trust, financing, reporting, sharing of profits, and other issues.
format Article
author Abdul Rahman, Hamizah
Othman, Nurul Syahira
Tengku Zainal Mulok, Tengku Adida
Kamarul Zaman, Liziana
Wan Hashim, Wan Murshida
author_facet Abdul Rahman, Hamizah
Othman, Nurul Syahira
Tengku Zainal Mulok, Tengku Adida
Kamarul Zaman, Liziana
Wan Hashim, Wan Murshida
author_sort Abdul Rahman, Hamizah
title The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]
title_short The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]
title_full The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]
title_fullStr The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]
title_full_unstemmed The changing aspect of partnership business structure in Malaysia / Hamizah Abdul Rahman ... [et al.]
title_sort changing aspect of partnership business structure in malaysia / hamizah abdul rahman ... [et al.]
publisher Universiti Teknologi MARA, Perlis
publishDate 2021
url https://ir.uitm.edu.my/id/eprint/69351/1/69351.pdf
https://ir.uitm.edu.my/id/eprint/69351/
https://myjms.mohe.gov.my/index.php/intelek
_version_ 1755876032264536064
score 13.211869

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