Significant beneficial owner identification requires LLPs to identify individuals and obtain specified declarations and partner notices. Every reporting limited liability partnership must determine whether any individual is a significant beneficial owner, identify that person, and obtain a declaration in Form No. LLP BEN-1. Where a non-individual partner holds not less than ten percent of contribution, voting rights, or entitlement to distributable profits or other distributions, the LLP must issue Form No. LLP BEN-4 to obtain the prescribed information as applied under the Companies Act framework.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Significant beneficial owner identification requires LLPs to identify individuals and obtain specified declarations and partner notices.
Every reporting limited liability partnership must determine whether any individual is a significant beneficial owner, identify that person, and obtain a declaration in Form No. LLP BEN-1. Where a non-individual partner holds not less than ten percent of contribution, voting rights, or entitlement to distributable profits or other distributions, the LLP must issue Form No. LLP BEN-4 to obtain the prescribed information as applied under the Companies Act framework.
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