Key Points
According to the Limited Liability Partnership (Third Amendment) Rules, 2023, notified by the Ministry of Corporate Affairs (MCA), even upcoming LLPs have to maintain such a register, at their registered offices, within 30 days of incorporation..
The government has made the disclosure rules tougher for limited liability partnerships (LLPs), which will now be required to maintain a register of partners with details of their beneficial interests and both tangible and intangible contributions...
The move, aimed at improving transparency in the way LLPs operate in the country, comes just when a record number of companies and such partnership firms are getting incorporated this fiscal year...
The contributions must indicate their tangible, intangible, movable, immovable or other benefit to the limited liability partnership, including money, promissory notes, other agreements to contribute cash or property, and contracts for services performed or to be performed, with monetary value and any other interest, if any...
The new rules say a partner who does not hold any beneficial interest in contribution must state so in a filing with the LLP within 30 days of his name being featured in the register of partners...
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