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LLPs are required to report to the RoC on the "Significant Beneficial Owner"
BANKING FINANCE
|December 2023
The Registrar of Companies (RoC) will now require a report from a Limited Liability Partnership Firm (LLP) regarding its Significant Beneficial Owner (s) to be submitted within 30 days of the date on which the individual made the statement regarding having or obtaining that status.
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With effect from November 10, 2023, the Limited Liability Partnership (Significant Beneficial Owners) Rules have been notified by the Corporate Affairs Ministry. These consist of the reporting schedule and definition. With this most recent action, the LLP is indicating that it intends to determine the genuine, or "beneficial," owner's interest in and control over the contributions made by individuals and partners.
An LLP is a cross between a partnership and a limited liability company. It has the benefit of being a body corporate, but it also has the advantage that the LLP Agreement, rather than any statute, regulates internal governance and partner-LLP interactions. A partner has been assigned to oversee compliance.
Owner of Benefit
This story is from the December 2023 edition of BANKING FINANCE.
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