19 January 2010

Highlights of LLP Rules Amendment

Amendment in LLP Rules & Applicability of Provisions of Companies Act 1956

The Ministry of Corporate Affairs has amended the LLP Rules 2009 by LLP (Amendment) Rules 2010 and has also made certain provisions of the Companies Act, 1956 applicable on the LLP, under section 67 of the LLP Act 2008.

Highlights:

Provisions related to sections 441, 443, 445, 446, 448, 450, 451, 453, 454, 455, 456, 457, 458, 458A, 460, 463, 464, 465, 466, 467, 468, 471, 474, 476, 477, 478, 479, 481, 482, 483, 484, 486, 487, 488, 494, 497, 511, 511A, 512, 514, 515, 517, 518, 519, 528, 529, 529A, 530, 531, 531A, 532, 533, 534, 535, 536, 537, 538, 539, 540, 541, 542, 543, 544, 545, 546, 547, 548, 549, 550, 551, 552, 553, 554, 555, 556, 558, 559, 560 and 584 of the Companies Act, 1956 related to company winding up, declaration of company as defunct & winding up of foreign companies , are made applicable to a Limited Liability Partnership, except where the context otherwise requires, with certain modifications.

Application for Designated Partners Identification Number shall now be submitted electronically instead of physical filling and scanned copy of duly notarized ID & Residential Proofs will be filed along with application.

Every Designated Partner is now required to have Digital Signatures.

Form 1(Application for name approval.), 2 (Incorporation Document), 3 (information relating to LLP Agreement or any change there in), 4 (notice of admission or cessation of partners), 5 (notice of change of name), 6 (intimation of change in particulars by partner to LLP) & 7 (application for DPIN) has been modified.

Form 3 for information related to LLP Agreement, has now been made simpler, as compared to earlier form.

Body Corporates intending to become partner in LLP, are required to file a resolution signifying their intention to become a partner, along with incorporation document to Registrar of LLP.
LLP (Amendment) Rules 2010 shall come into force w.e.f 15th January 2010.

Provisions of Companies Act 1956 shall be applicable on LLP w.e.f 6th January 2010

Courtesy:CA. V.M.V.SUBBA RAO

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