Running a PLT because it’s “simpler” than a Sdn Bhd? That used to be true until now.

SSM has begun physical inspections on PLTs under Section 27C(1) and Section 69. They’re reviewing your:

1. Bookkeeping
2. Capital contribution records
3. Business activity
4. Most importantly—Beneficial Ownership (BO) compliance

Effective 31 Jan 2025, all new PLTs must submit:

1. Full BO details
2. Capital contribution by each partner

And all PLTs (yes, even existing ones) must:

1. Maintain a BO register at the registered office
2. Lodge/update BO details with SSM by 31 Oct 2025
   3 Report changes in BO promptly

On the tax side, LHDN treats PLTs like companies:

1. Register a tax file (e-Daftar)
2. File Form PT annually (even if dormant)
3. Submit CP204 if tax estimate > RM2,000
4. Stamp your LLP agreement within 30 days of signing

I have seen too many PLT owners taken by surprise.
Still think “small business = less compliance”?
Think again.