MCA has notified the Limited Liability Partnership (Third Amendment) Rules, 2023 (available here), and the key changes are set out hereunder:
Register of Partners
- Every Limited Liability Partnership (LLP) is required to maintain a separate register of its partners in Form 4A which shall contain the details of its partner as set out in the rules.
- The existing LLPs are required to maintain the register of partners within 30 days of October 28, 2023.
- In case of any change in the contribution amount or details of the partners of the LLP in the LLP agreement or cessation of partnership interest, such change is required to be made in the register of partners within a period of 7 days from such change.
Beneficial Interest in Contribution of the LLP
- A person whose name is entered in the register of partners of LLP but does not hold or ceases to hold any beneficial interest, fully or partly, in contribution, such registered partner is required to file a declaration in Form 4B with the LLP within a period of 30 days from the date on which his name is entered in the register of partner or date on which a change occurred.
- A person who holds or acquires a beneficial interest in contribution of the LLP, but his name is not entered in the register of partners, such beneficial partner is required to file with the LLP, a declaration in Form 4C within a period of 30 days from acquiring such beneficial interest in the contribution of the LLP or date on which a change occurred.
- Every LLP, after receiving the abovementioned declarations, is required to within a period of 30 days from the date of receipt of such declarations, file a return in Form 4D with the Registrar.
Designated Partner for Beneficial Interest
- Every LLP is required to specify a designated partner who would be responsible for providing necessary information and co-operation, to the Registrar, with respect to the beneficial interest in the contribution in LLP, and file such information of the designated partner in Form 4.
- Until such designation has been made, every designated partner of the LLP would be deemed to be responsible for providing the aforesaid information to the Registrar.
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