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What's New Important due dates for the month of September 2021     

 7. Carrying on business with less than minimum partners

(1) A limited liability partnership may carry on business with fewer than two partners for a period not exceeding six months or a longer period as may be determined by the Registrar upon an application from the remaining partner, provided that the period so extended by the Registrar does not exceed one year.

(2) if a limited liability partnership carries on business with fewer than two partners for a period longer than the period referred to in subsection (1), a person shall, notwithstanding subsections 21(1) and (2), be personally liable, jointly and severally with the limited liability partnership, for any obligation of the limited liability partnership incurred during the period that the limited liability partnership so carries on business after the period referred to in subsection (1) if, at the time the obligation was incurred, the person-

     (a) was a partner of the limited liability partnership; and

     (b) knew or ought to have known that the limited liability partnership was carrying on business with fewer than two partners for a period longer than the period referred to in subsection (1).

(3) if a limited liability partnership carries on business with fewer than two partners for a period longer than the period referred to in subsection (1)-

     (a) the limited liability partnership; and  

     (b) the person who is a partner during the period that the limited liability partnership so carries on business after the period referred to in subsection (1) and is cognizant of the fact that it is carrying on business with fewer than two partners during that period, commit an offence and shall, on conviction, be liable to a fine not exceeding two hundred thousand ringgit.

(4) Upon conviction of the limited liability partnership under subsection (3), the court may order the limited liability partnership to be dissolved and its name to be struck-off the register.

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