On 1 September 2023, the Ministry of Corporate Affairs issued the Limited Liability Partnership (Second Amendment) Rules, 2023 (“Amendment Rules”). It has come into effect from 1 September 2023, i.e., the date of publication in the Official Gazette. The Amendment Rules have been brought into force in order to substitute Forms 3 and 4.
Form 3 is required to be filed with the registrar within 30 (thirty) days of the date of incorporation of the limited liability partnership (“LLP”), along with the prescribed fee, with regard to the limited liability partnership agreement. On the other hand, form 4 is required to be filed with the registrar, along with the prescribed fee, with regard to the particulars of an individual who has given his consent to act as the designated partner in the limited liability partnership.
The above form 3 and form 4 have been substituted by LLP Form No. 3 and LLP Form No. 4. With the introduction of these updated forms, the Ministry of Corporate Affairs has imposed additional disclosure requirements, in order to enhance transparency and ensure comprehensive information. It includes specific details such as the type of corporate body and the associated LLPIN/CIN/FLLPIN/Other Identification Number.
This amendment aims to enhance LLPs’ transparency and reporting standards by ensuring comprehensive information regarding the LLP agreement. These changes will assist in maintaining accurate records and facilitating regulatory compliance.