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of <h1>New Rules Define Control, Majority Stake, and Significant Beneficial Owner in LLPs Under LLP Rules, 2023</h1> The Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023 define key terms related to LLPs, including 'control,' 'majority stake,' and 'significant beneficial owner.' Control involves rights to appoint partners or influence management. A majority stake includes holding over half of equity, contributions, or voting rights. A significant beneficial owner is an individual with at least 10% contribution, voting rights, or profit participation, directly or indirectly. The rules specify how individuals are considered significant beneficial owners through direct or indirect holdings, including through corporate structures, partnerships, trusts, and pooled investment vehicles. Definitions align with the Limited Liability Partnership Act, 2008.
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