MCA issued a Notification vide G.S.R. 803(E) dated October 27, 2023, amending the Limited Liability Partnership Rules, 2009, under the authority of the Limited Liability Partnership Act, 2008 (6 of 2009).
The key changes introduced by the new rules are
- Every LLP is required to maintain a register of partners in Form 4A, which must contain details of their beneficial interests and both tangible and intangible contributions.
- A person whose name is entered in the register of partners of an LLP but does not hold any beneficial interest fully or partly in contribution must file a declaration to that effect with the LLP within 30 days from the date on which his/her name is entered in the register.
- Every LLP must specify a designated partner who will be responsible for furnishing information to the Registrar of Companies (ROC) with respect to beneficial interests in contributions in LLP.
The new rules are aimed at increasing transparency and accountability in LLPs, and to prevent their misuse for money laundering and other illegal activities.
Official copy of the notification has been enclosed below