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    Legal Issue

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    Muhammad Amir Hannif Ahijman
    Ayra must follow procedures laid out by the Companies Commission of Malaysia (CCM) to open a bank account for their new LLP with Rumaissa. These procedures include obtaining documents like certified copies of IDs, the LLP corporate profile, registration certificate, and a resolution stating the purpose of the account. Ayra and Rumaissa must then submit these documents along with a signed application form to the bank. The bank will process the application and call when funds can be deposited, opening the account. Ayra must also keep proper financial records of the account for at least 7 years as required by the LLP Act 2012.

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    Legal Issue

    Uploaded by

    Muhammad Amir Hannif Ahijman
    15 views2 pages
    Ayra must follow procedures laid out by the Companies Commission of Malaysia (CCM) to open a bank account for their new LLP with Rumaissa. These procedures include obtaining documents like certified copies of IDs, the LLP corporate profile, registration certificate, and a resolution stating the purpose of the account. Ayra and Rumaissa must then submit these documents along with a signed application form to the bank. The bank will process the application and call when funds can be deposited, opening the account. Ayra must also keep proper financial records of the account for at least 7 years as required by the LLP Act 2012.

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    Ayra must follow procedures laid out by the Companies Commission of Malaysia (CCM) to open a bank account for their new LLP with Rumaissa. These procedures include obtaining documents like certified copies of IDs, the LLP corporate profile, registration certificate, and a resolution stating the purpose of the account. Ayra and Rumaissa must then submit these documents along with a signed application form to the bank. The bank will process the application and call when funds can be deposited, opening the account. Ayra must also keep proper financial records of the account for at least 7 years as required by the LLP Act 2012.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views2 pages

    Legal Issue

    Uploaded by

    Muhammad Amir Hannif Ahijman
    Ayra must follow procedures laid out by the Companies Commission of Malaysia (CCM) to open a bank account for their new LLP with Rumaissa. These procedures include obtaining documents like certified copies of IDs, the LLP corporate profile, registration certificate, and a resolution stating the purpose of the account. Ayra and Rumaissa must then submit these documents along with a signed application form to the bank. The bank will process the application and call when funds can be deposited, opening the account. Ayra must also keep proper financial records of the account for at least 7 years as required by the LLP Act 2012.

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    LEGAL ISSUE

    WHETHER AYRA HAVE TO COMPLY WITH PROCEDURES IN OPENING AND HOLDING


    THE NEW BANK ACCOUNT IN PURSUANT TO THE NEW LIMITED LIABILITY
    PARTNERSHIP (LLP) WITH RUMAISSA UNDER LLP ACT 2012.

    LAW

    There are procedures in opening bank account for LLP but there’s no hard and fast rule on stating
    which bank is the best bank in opening LLP account. There are guidelines laid down by Companies
    Commission of Malaysia (CCM). In case of a problem in opening a bank account with any bank, the
    LLP owner may directly contact the following organisations. As for commercial banks, the owner or
    partners may contact with The Association of Banks in Malaysia 34th Floor UBN Tower, 10, Jalan
    P.Ramlee, 50250 Kuala Lumpur and can be reached at 03-2078 8041 or by email on
    banks@abm.org.my. For further details, partners may refer to www.abm.org.my. As For Islamic
    banks they can do the same at Association of Islamic Banks Institutions Malaysia 4th floor, Menara
    Bumiputra, 21 Jalan Melaka, 50100 Kuala Lumpur or by contact the officer in charge at 03-20268002
    or by email at admin@aibim.com. They can also be reached at specific website, www.aibim.com.

    In pursuant to keeping of accounting records, it is a mandatory for every owner of LLP in complying
    certain requirements under LLP Act 2012. First, An LLP shall keep such accounting and other records
    as will sufficiently explain the transactions and financial position of the LLP and enable profit and
    loss accounts and prepare balance sheets from time to time which gives a true and fair view of the
    state of affairs of the LLP at the LLP registered office or such other place as the partner thinks fit
    provided that a notification of that place been made to the Registrar. Second, a LLP shall retain the
    accounting records and other records as above for a period of not less than seven years from the end
    of financial year in which the transactions or operations to which those records relate are completed.

    LEGAL ANALYSIS

    You have mentioned in your letter that you wish to know on the procedure of opening and
    holding of bank accounts of a LLP.

    Since you and Rumaissa wished to open a LLP business, we would like to suggest you visit
    your favourite bank branch and ask them for the full procedure, and all the forms required.
    There’s still too little information online so it is preferable if you would consult the bank
    officers physically. These documents are mandatory for you to bring along in opening a
    bank account, namely; certified true copies of your IC or passport of all partners and
    compliance officers (if you have any). Next, you also have to bring along original IC or
    passport of all partners and compliance officers since the bank officers need to see the
    originals. Hence, you have to asks Rumaissa to the bank with you.

    You need a certified true copy of your new LLP corporate profile which contains all the
    important information about your LLP, like business code, contact details, address and
    partners’ information. You also need to produce certificate of registration of the new LLP,
    which is the document that says all the partners agree to open a bank account and certified
    extract of resolution for LLP. A resolution is a document that tells outsiders what the
    partners of an LLP have agreed on. In this case, your resolution will say that your LLP is
    making so much money since you need to expand your business include bridal studio and
    gallery that you now need a bank account. Each bank has a standard format for this
    document and you may ask your bank officer if he can provide you a sample for you to
    follow.

    Now that you’ve got all documents you have to fill up and get all the partners to sign the
    business account application form. Also, you need to prepare copies of the your and
    Rumaissa’s IC or passports and fill up the resolution for LLP and submit the documents to
    the bank. The bank needs time to process your document and they finished processing your
    document, they will call you to deposit money to the new account and once it is settled, you
    already owned a LLP bank account.

    With regard to holding bank account of your new LLP business with Rumaissa, you have to
    keep records of accounts and receipts of every transaction in your bank account since it is a
    requirement under LLP Act 2012. You also need to prepare for balance sheets regularly for
    the purpose in presenting it to the Registrar. Furthermore, you have to keep the accounts and
    other related documents for a period of at least seven years.

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