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of <h1>New Rules for LLPs: Identify and Declare Significant Beneficial Owners with 10% Control or More Using Form LLP BEN-1.</h1> The Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023, issued by the Ministry of Corporate Affairs, regulate the identification and declaration of significant beneficial owners in Limited Liability Partnerships (LLPs). These rules require LLPs to identify individuals who hold significant control or influence, defined as holding at least 10% of contributions, voting rights, or distributable profits. Significant beneficial owners must declare their status using Form LLP BEN-1, and LLPs must maintain a register of these owners. The rules also outline procedures for LLPs to seek information and apply restrictions if necessary. Exemptions apply to government-held contributions and certain regulated investment vehicles.
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