LLP
(i) is an alternative business vehicle to carry out business, which
(ii) combines the characteristics of a private company and a conventional partnership
(iii) provides limited liability status to its partners, and
(iv) offers the flexibility of internal arrangement through an agreement between the partners.
The above combination gives entrepreneurs and businessmen a more structured business vehicle compared to a sole proprietorship or a conventional partnership.
LLP provides the flexibility of controlling the business operation in accordance with the partnership agreement whilst enjoying the limited liability status compared to a company which is subject to strict compliance requirements under the Companies Act 1965 in most of its affairs.
LLP is a business vehicle which would offer simple and flexible procedures in terms of
(a) its formation,
(b) maintenance and
(c) termination
while simultaneously has the necessary dynamics and appeal to be able to compete domestically and internationally.
Lembaga Hasil Dalam Negeri Malaysia (LHDNM, Inland Revenue Board Malaysia) has announced that all its payment counters will use new payment receipts effective from 18 February 2013. (Source: hasil website)
You do your audit with only one testing tecnique: vouching?
What about techniques involving TOC, SAP and OSP?….
None has caught your eyes at the Budget 2013 announced recently?
That means you have overlooked those financial assitance given under various types of funds allocated for business to apply!
Seven characteristics of companies that went “from good to great”:
1. Level 5 Leadership: Leaders who are humble, but driven to do what’s best for the company.
2. First Who, Then What: Get the right people on the bus, then figure out where to go. Finding the right people and trying them out in different positions.
3. Confront the Brutal Facts: The Stockdale paradox -Confront the brutal truth of the situation, yet at the same time, never give up hope.
4. Hedgehog Concept: Three overlapping circles: What lights your fire (“passion”)? What could you be best in the world at (“best at”) What makes you money (“driving resource”)?
5. Culture of Discipline: Rinsing the cottage cheese.
6. Technology Accelerators: Using technology to accelerate growth, within the three circles of the hedgehog concept.
7. The Flywheel: The additive effect of many small initiatives; they act on each other like compound interest.
Copyright and Source: http://en.wikipedia.org/wiki/Good_to_Great
