LLP Ben Forms applicability

[Gururaj Bhat]

Dear All, 

ABC LLP has XYZ Pvt Ltd a body corporate as designated partners having 51% contribution, XYZ Pvt Ltd shares are held by Mr A & B equally , whether LLP need to file LLP Ben forms, pls advice.

Thanks & Regards,

[SONIYA AGARWAL]

ABC LLP, which has XYZ Pvt Ltd (a body corporate) as a designated partner holding 51% contribution, needs to comply with LLP Significant Beneficial Owner (SBO) rules by filing LLP BEN forms.

Key points based on regulatory requirements:

• Every LLP must identify individuals who qualify as Significant Beneficial Owners (SBOs). An SBO is an individual who holds a substantial interest (usually above 25% or as prescribed) either directly or indirectly through corporate bodies.

• Since XYZ Pvt Ltd is a body corporate designated partner holding majority (51%) contribution, the SBO(s) of XYZ Pvt Ltd (in this case, Mr. A and Mr. B who hold shares equally) are considered SBOs of the LLP.

• Mr. A and Mr. B are required to submit declarations in Form LLP BEN-1 to ABC LLP to declare their beneficial ownership.

• Upon receipt of BEN-1 declarations, ABC LLP is mandated to file Form LLP BEN-2 with the Registrar of Companies within 30 days, disclosing the details of the beneficial owners.

• The LLP must also maintain a register of SBOs in Form LLP BEN-3 for inspection purposes.

• This compliance is necessary regardless of the involvement of body corporate partners, and the LLP cannot avoid filing BEN forms just because the partner is a company.

In summary, ABC LLP must file LLP BEN forms since XYZ Pvt Ltd is a designated partner with majority interest, and the beneficial owners (Mr. A and Mr. B) must declare their status for ABC LLP to file the returns accordingly.

With Regards

SONIYA AGARWAL
soniya0454.wordpress.com

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