Intricacies of SBO in the Context of LimitedLiability Partnership - MMJC

Vide two notifications one dated 11 February 2022 and dated 27 October 2023 the compliances of significant beneficial owner (SBO) and disclosures of beneficial interest (BI), respectively, has been made applicable to all Limited Liability Partnership(s) (LLP). While making SBO and BI applicable to LLP, framework applicable to companies has been taken as a base and some minor modifications have been made and adopted. Though both company and LLP enjoy limited liability and are incorporated bodies, other features are completely different and hence adopting SBO framework applicable to Companies for LLP, gives rise to lot of ambiguities and anomalies. Both notifications are effective from their date of publication in official gazette and hence it is urgent and important for every LLP and its designated partners need to be aware about it.

The article – Intricacies of SBO in the Context of Limited Liability Partnership written by our Partner – Mr. Makarand Joshi is published by the Chartered Secretary of ICSI.

The link for the article is https://www.icsi.edu/media/webmodules/CSJ/November/21.pdf