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, or longer if approved by the Registrar. All rights and duties of the partners must be...