Rule 4 - Duty of the reporting limited liability partnership - Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023

4. Duty of the reporting limited liability partnership .- (l) Every reporting limited liability partnership shall take necessary steps to find out if there is any individual who is a significant beneficial owner, in relation to that reporting limited liability partnership, and if so, identify him and cause such individual to make a declaration in Form No. LLP BEN-1. (2) Without prejudice to sub-rule (l), every reporting limited liability partnership shall in all cases where its partner (other than an individual), holds not less than ten per cent. of its- (a) contribution; or (b) voting rights; or (c) right to receive or participate in the distributable profits or any other distribution payable in a financial Year,- give notice to such partner in Form No. LLP BEN-4, seeking information in accordance with sub-section (5) of section 90 of the Companies Act, 2013 as applied to the limited liability partnership as per the notification.