Template Description

The Template of Form LLP BEN-3 is an official register used by Limited Liability Partnerships (LLPs) in India to document and maintain records of individuals who hold significant beneficial interests in the LLP. It is 2-page MS-Word document. The intended audience include LLP partners, legal professionals, and business stakeholders.

Understanding the Form LLP BEN-3 - Register Of SBO

Purpose and Importance:

The primary purpose of Form LLP BEN-3 is to record the details of those who have significant control or influence over the LLP, either directly or indirectly. This ensures that all beneficial owners are identified, and their information is readily available for regulatory scrutiny. By keeping this register updated, LLPs comply with legal requirements, thereby promoting good governance and accountability.

Structure of the Form:

Form LLP BEN-3 is structured in a tabular format and includes several key fields where essential information about each beneficial owner is captured. The details recorded in the register include:

• Name of the Beneficial Owner: This field records the full name of the individual who holds a significant beneficial interest in the LLP.
• Address and E-mail ID: Contact information including residential address and email ID.
• Date of Birth/Age: Information regarding the age or date of birth of the beneficial owner.
• Father’s/Mother’s/Spouse’s Name: Details of immediate family members to establish clear identity.
• Occupation: The profession or employment status of the beneficial owner.
• Nationality: Citizenship status of the beneficial owner.
• PAN/UIN: Permanent Account Number or Unique Identification Number for tax purposes.
• Passport No.: In the case of foreign nationals, their passport number is required.
• Status: This may include their current status or any specific designation within the LLP.
• Dates of Relevant Actions: Several dates are required, such as the date of declaration under Section 90, date of cessation if applicable, and the date of entry into the register.
• SRN of LLP BEN-2 Filing: The Service Request Number related to the filing of LLP BEN-2.
• Any Other Interest: Any other beneficial interest that the individual might have in the LLP.
• Instructions by Partner: Any specific instructions or directions provided by the partner concerning the significant beneficial owner.

Legal Compliance and Best Practices:

Maintaining the Register of Significant Beneficial Owners as required by Form LLP BEN-3 is a critical aspect of legal compliance for LLPs in India. The register helps ensure that all significant interests are disclosed and monitored, aligning with the country’s efforts to enhance corporate transparency. Failure to maintain this register or inaccurately recording information could lead to penalties or legal consequences for the LLP.

Conclusion

Form (LLPs) BEN-3 is a legally required register used by Limited Liability Partnerships (LLPs) to document the details of beneficial owners who hold significant beneficial interest in the LLP. This form is governed by Section 90(2) of the Companies Act, 2013, and Rule 7(1) of the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023. It ensures that LLPs maintain a transparent and accurate record of their beneficial owners, providing essential compliance with the applicable laws and regulations.