News & Analysis as of

Limited Liability Partnerships

Extension of the PSC regime to Scottish Limited Partnerships – are you ready?

by Hogan Lovells on

The PSC regime is not new, having created obligations on UK limited companies and UK LLPs (LLP) to maintain a register of persons with significant control (PSC) since June 2016. What is new, and is of significance to private...more

Recent Changes to the Beneficial Ownership Register Regime in the UK

by Morrison & Foerster LLP on

Important reforms designed to increase the transparency of the ownership and control of UK companies and English law LLPs were introduced in the UK on 6 April 2016. Among the most significant of these was a requirement for UK...more

The PSC register

by Hogan Lovells on

From 6 April 2016, UK companies have been required to maintain a register of persons with significant control over them (a “PSC register”). This requirement is intended to increase the transparency of corporate ownership, by...more

AIM companies and Scottish partnerships to be brought within the scope of the PSC register regime

by Dechert LLP on

From 24 July 2017, UK companies whose shares are admitted to trade on the London Stock Exchange’s AIM market, and other companies listed on prescribed markets, will no longer be exempt from the requirements to keep and...more

Changes to the UK ‘Persons with Significant Control’ Regime and Potential Impact on UK Fund Structures

by Proskauer Rose LLP on

This week, the Fourth Anti-Money Laundering Directive came into force in the UK. Among the changes arising from the transposition of the Directive in the UK has been to broaden the "persons with significant control" (PSC)...more

Changes to the UK PSC Regime

by Seyfarth Shaw LLP on

In April last year, the UK Government introduced changes to the Companies Act 2006 requiring most companies and LLPs to produce, keep and maintain a register of any people or relevant legal entities that have significant...more

The PSC Regime: One Year On

by Reed Smith on

The people with significant control (PSC) regime was introduced on 6 April 2016. This means that, for the last year, most UK companies and limited liability partnerships (LLPs) have been required to keep and maintain a PSC...more

Singapore Legal Update - April 2017

by Allen & Overy LLP on

The New Registers of Registrable Controllers and Nominee Directors - Companies incorporated in Singapore and foreign companies registered to carry on business here have 60 days from 31 March 2017 to keep a register of...more

New UK Reporting Requirements On Payment Practices For Large Businesses

by Morrison & Foerster LLP on

Under new rules that came into effect in the UK on 6 April 2017, certain large companies and large limited liability partnerships (LLPs) will be required to regularly publish public reports on their payment practices and...more

The duty to report on payment practices comes into force

by Dentons on

The duty on companies to publish reports on their payment practices and performance, set out in section 3 of the Small Business, Enterprise and Employment Act 2015 (SBEE), comes into force on 6 April 2017. The duty will...more

New duty for large companies and LLP's

by DLA Piper on

The Reporting on Payment Practices and Performance Regulations 2017 (Regulations), come into force on 6 April 2017. These Regulations create a duty for large businesses (as further detailed below) to report on payment...more

Reform of the UK Limited Partnerships Act

by Goodwin on

The long awaited changes to the 1907 Limited Partnerships Act (the Act) will finally arrive on 6 April, despite the UK government initially opting to delay implementation until the results of the consultation into Scottish...more

A Quiet UK Budget for Asset Managers, But Other Recent Tax Changes Shouldn’t Be Forgotten

by Proskauer - Tax Talks on

After numerous UK tax changes affecting asset managers over the past few years – not least the wholesale re-vamping of the tax treatment of carried interest and other fund participations for investment fund managers – the UK...more

So You Want To ‘Make Partner’: A Word Of Warning To Junior Professionals, Watch What You Wish For

by Dickinson Wright on

Group medical and dental practices often look to expand their practices by hiring additional professionals, typically those with less experience than the equity owners of the practice group. Invariably, both the group...more

Big Changes in Pennsylvania for LLCs, LLPs, LPs, and GPs

by Barley Snyder on

A major overhaul and modernization of the laws governing unincorporated associations in Pennsylvania took effect Tuesday. Act 170 of 2016, signed into law in November and currently being tracked by Barley Snyder...more

IRS Announces Proposed Partnership Audit Regulations Which Impact Limited Liability Companies and Partnerships

by Roetzel & Andress on

The Internal Revenue Service (IRS) has released Proposed Regulations under Section 1101 of the Bipartisan Budget Act of 2015 (BBA), which provide that for tax years beginning after December 31, 2017, all entities taxable as...more

Late Payers Beware? New Obligation on Large Companies to Report on Payment Practices

by Reed Smith on

Under new regulations to be made under section 3 of the Small Business, Enterprise and Employment Act 2015 (the Payment Reporting Regulations), large UK companies will be required on a half-yearly basis to prepare and publish...more

Reporting on payment practices and performance

by Dentons on

New rules requiring large companies and large limited liability partnerships to publish information about their payment practices and performance are likely to come into force in April 2017....more

[Webinar] Self-Employment Tax and LLCs; New Partnership Audit Rules; Selected Issues from Heckerling - Jan. 24th, 12:00pm CT

by Thompson Coburn LLP on

In the webinar we will analyze a recent IRS memo delineating between when it will and will not respect efforts to make a member of an LLC subject to self-employment tax. We will become sensitized to how upcoming partnership...more

Real Estate Advisory: Canada Revenue Agency Announces Changes to Treatment of U.S. LLLPs and LLPs

by Sherman & Howard L.L.C. on

The Canada Revenue Agency (CRA) recently announced a change in the treatment of U.S. limited liability limited partnerships and U.S. limited liability partnerships (the “Entity Types”) for Canadian tax purposes. For Canadian...more

Proposed Amendments to SCA Reduce Regulatory Burden, Improve Transparency

by Morgan Lewis on

Singapore’s Ministry of Finance (MOF) and Accounting and Corporate Regulatory Authority (ACRA) have invited public feedback on amendments to the Singapore Companies Act aimed at reducing regulatory burden and improving...more

Limited Partners Take a Licking in Two Delaware Supreme Court Decisions

by Farrell Fritz, P.C. on

Notwithstanding the ascendency of the limited liability company, the Delaware limited partnership continues to serve as an important, tax-advantaged vehicle for certain capital-intensive ventures — especially in the energy...more

Wealth Management Update - December 2016

by Proskauer Rose LLP on

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Significant Change In CRA Policy Harms Canadian Investors In US LLPs And LLLPs

by Dickinson Wright on

Earlier this year the Canada Revenue Agency (“CRA”) announced its new administrative position that limited liability partnerships (“LLPs”) and limited liability limited partnerships (“LLLPs”) formed under the laws of Delaware...more

Forfeiture of an LLP Member's Profit Share

by Dechert LLP on

A recent English Court decision confirms that members of LLPs who breach their fiduciary duties are at risk of having their remuneration (including that received by way of profit share) forfeited. This is in addition to...more

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