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Read more about Limited liability partnerships to disclose beneficial ownership on Business Standard. The rules for disqualification of directors for non-filing of annual returns for any three consecutive years will also be made applicable to LLPs
MCA to lift open the ‘ownership’ veil on Limited Liability Partnerships
February 19, 2021
× After taking steps to identify the “real owners (individuals)” with “beneficial ownership” in companies, the government has now turned its sight on Limited Liability Partnerships (LLPs).
It has now decided to identify those individual(s) holding/exercising significant ownership/control in LLPs by requiring them to disclose details of their “Significant Beneficial Owners” (SBOs) so that those with “controlling interests” are identified.
A beneficial owner different from a legal owner is an individual who ultimately owns or controls more than 25 per cent (or sometimes even more than 10 per cent) of a company’s shares or exercises control over the management. The provisions around SBOs in the Companies Act 2013 are proposed to be soon extended to LLP Act, the MCA has now said.
India extends Companies Act rules to limited liability partnership firms - World News sina.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sina.com Daily Mail and Mail on Sunday newspapers.