MCA notifies LLP Rules to maintain register of partners and declaration of names of persons holding interest in the LLP
MCA notifies LLP Rules to maintain register of partners and declaration of names of persons holding interest in the LLP
The ministry of Corporate Affairs (MCA) has notified The Limited Liability Partnership (Third Amendment) Rules, 2023, which amend the Limited Liability Partnership Rules, 2009. These Amended Rules will be effective from 27 October 2023 and will be applicable to every LLP.
The highlights of the update are as under:
- Register of Partners
- Every LLP should, from the date of its incorporation, maintain a register of its partners in Form 4A to be kept at the registered office of the limited liability partnership:
- In case of existing LLPs, they should maintain the register of partners in Form 4A within thirty days from such commencement (26 November 2023).
- For details of entries to be made in the register of partners, refer as provided in Annexure to these rules.
- Entries in the register must be made within seven days of change in any of the above mentioned details.
- Details of beneficial ownership (if any) must also be updated in said register.
- Declaration in respect of beneficial interest in any contribution
- Registered Partner – but not having beneficial interest in LLP – such person shall file with the LLP, a declaration in Form 4B within (30) thirty days from the date on which his name is entered in the register of partners specifying the name and other particulars of the person who actually holds any beneficial interest in such contributions.
- In case any change occurs in the beneficial interest, the Registered partner should make further declaration in Form 4B within 30 days from such change.
- Beneficial Partner – But not having name in Register of LLP – such person shall file with the LLP, a declaration disclosing such interest in Form 4C within (30) thirty days after acquiring such beneficial interest, with details as provided in Annexure to these rules.
- In case any change occurs in the beneficial interest, the Beneficial partner should make further declaration in Form 4C within 30 days from such change.
- Where any declaration is received by the LLP, the LLP should record such declaration in the register of partners and within 30 days file a return in Form 4D to the ROC.
Additionally, every LLP should specify designate a partner who will be responsible for furnishing of and extending co-operation for providing, information with respect to beneficial interest in contribution in LLP to the Registrar or any other officer authorised by the Central Government and LLP should file information of such designated partner with the Registrar in Form 4.
However, until a designated partner is specified by LLP, all designated partner will be deemed to be responsible for aforementioned purposes.
LLP (Third Amendment) Rules, 2023
Weblink of MCA Update: https://www.mca.gov.in/bin/dms/getdocument?mds=VYVpE7YcJovnhBqcW9gtsw%253D%253D&type=open