The Ministry of Corporate Affairs (“Ministry”) has notified the Limited Liability Partnership (Third Amendment) Rules, 2023 (“Rules, 2023”) to further amend the Limited Liability Partnership Rules, 2009.
Key Compliance Obligations:
Register of Partners:
- Limited Liability Partnerships (“LLP”), are required to maintain a register of partners in Form 4A with the following details:
- Details of the partner,
- date of becoming partner,
- date of cessation,
- amount and nature of contribution with monetary value; and
- any other interest, if any.
- In the event there are changes to the above-mentioned details, the change is required to be entered in the register within seven (7) days;
- In the event there is any rectification is made in the register maintained pursuant to any Order passed by the competent authority, indicate the necessary reference of such order in the respective register along with the reasons in writing.
Declaration in respect of beneficial interest in any contribution
- LLP is required to designate a partner responsible for furnishing and extending co-operation for providing, information to the Registrar with respect to beneficial interest in contribution in Limited Liability Partnership and file information of such designated partner with the Registrar in Form 4.
- A person whose name is entered in the register of partners of LLP, but does not hold any beneficial interest fully or partly in contribution (“the registered partner”), is required to file a declaration in Form 4B within a period of thirty days from the date on which his name is entered in the register of partners.
- Every person holding or acquiring a beneficial interest in contribution of LLP but his name is not registered in the register of partners (“the beneficial partner”) is required to file a declaration in Form 4C within a period of thirty days after acquiring such beneficial interest.
- In the event there is any change in beneficial interest in contribution, the registered partner must declare it in Form 4B and beneficial partner must report such changes in Form 4C to the LLP within 30 days.
- Where declaration in Form 4B and/ or Form 4C (as the case may be) is received, the LLP is required to record such declaration in the register of partners and file, within a period of thirty days from the date of receipt of declaration by it, a return in Form 4D to the Registrar in respect of such declaration with fees.
A Copy of the Notification is attached herewith for ease of reference.
Source: Ministry Of Corporate Affairs
