Partnership Taxation Quiz

What is the minimum number of people required to form a partnership?

• 1

• 2

• 3

• 5

Which of the following is taxed under Form P?

• Company profits

• Sole proprietor income

• Partnership income (divided to partners)

• Individual salary income

Which of the following is NOT considered a partnership under ITA 1967?

• LLP

• Joint venture

• Conventional partnership

• Association of persons with profit motive

Which act governs LLPs in Malaysia?

• Companies Act 2016

• LLP Act 2012

• Income Tax Act 1967

• Business Registration Act 1956

What is the maximum number of individual partners allowed in a conventional partnership?

• 10

• 15

• 20

• Unlimited

What is the registration cost for a Limited Liability Partnership (LLP)?

• RM100

• RM250

• RM500

• RM1000

Which of the following statements is TRUE about LLP?

• LLP has unlimited liability

• LLP is not a separate legal entity

• LLP requires annual audit filing

• LLP has limited liability and separate legal entity status

What happens to a conventional partnership upon the death of a partner (unless otherwise stated in the agreement)?

• The business continues automatically

• The business is transferred to the heirs

• The partnership is dissolved

• The deceased partner’s share is taxed

How many types of partnerships are recognized in Malaysia under business law?

• One

• Two

• Three

• Four

Which law governs the Conventional Partnership in Malaysia?

• Companies Act 2016

• Income Tax Act 1967

• Registration of Businesses Act

• LLP Act 2012