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Corporate Laws Central Ministry of Corporate Affairs Limited Liability Partnership Act, 2008

Limited Liability Partnership (Third Amendment) Rules, 2023

27-Oct-2023 | G.S.R. 803(E)

The Ministry of Corporate Affairs has issued the Limited Liability Partnership (Third Amendment) Rules, 2023 amending the Limited Liability Partnership Rules, 2009. The key highlights of this notification are as follows:- 1. Insertion of Rule 22A prescribing every limited liability partnership (LLP) to maintain a register of its partners in Form 4A from the date of its incorporation. Such register should contain the following: i. Name of the partner; address (registered office address in case the member is a body corporate); e-mail address; Permanent Account Number or Corporate Identification Number; Unique Identification Number, etc. ii. Date of becoming partner; iii. Date of cessation; iv. Amount and nature of contribution (indicating 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 v. any other interest, if any, 2. Insertion of Rule 22B through which: i. An obligation is on the registered partner (partner who does not hold any beneficial interest fully or partly in contribution) to file a declaration in Form 4B in respect of beneficial interest in any contribution. ii. An obligation is on the beneficial partner (who holds or acquires a beneficial interest in contribution of a Limited Liability Partnership but his name is not registered in the register of partners) to file a declaration in Form 4C disclosing the beneficial interests. iii. An obligation is on the LLP to register the declaration mentioned in points i and ii above and to file a return in Form 4D to the Registrar in respect of such declarations. 3. LLP to designated a partner who shall be responsible for furnishing of and extending co-operation for providing, information with respect to beneficial interest in contribution in LLP to the Registrar in Form 4.

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