Limited Liability Partnerships

News & Analysis as of

Persons with Significant Control: Important new regulations that are now in force

On 6 April 2016, amendments to the Companies Act 2006 (the “Act”) came into effect that require companies incorporated under the Act (including companies limited by guarantee) and limited liability partnerships to produce and...more

What impact will the PSC Register have on banking transactions?

On 6 April 2016 a new regime relating to "people with significant control" (the PSC Regime) came into effect. UK companies already subject to transparency and disclosure rules (through trading on a regulated market, for...more

Dieckman v. Regency GP LP, et al., C.A. No. 11130-CB (Del. Ch. Mar. 29, 2016) (Bouchard, C.)

In this opinion, the Delaware Court of Chancery reaffirmed that default fiduciary duties, including a duty of disclosure, may be modified or wholly eliminated when such modification or elimination is clearly set forth in a...more

Governance & Securities Law Focus: Asia Edition, April 2016

In this newsletter, we provide a snapshot of the principal US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. Please see full...more

Register of Persons with Significant Control: A Guide for UK Companies

From 6 April 2016, UK companies and limited liability partnerships (LLPs) are required to maintain a publicly available register of people with significant control (PSC Register). From 30 June 2016, the information on the PSC...more

UK: Register of People with Significant Control

Effective immediately, most UK companies, Societates Europaeae and UK Limited Liability Partnerships (LLPs) are required to maintain a register of People with Significant Control (“PSC Register”). Set out below is a brief...more

Now Required in UK: Register of People with Significant Control

Effective immediately, most UK companies, Societates Europaeae and UK Limited Liability Partnerships (LLPs) are required to maintain a register of People with Significant Control (“PSC Register”). Set out below is a brief...more

UK Government consults on UK VAT Grouping Rules

Summary - The UK tax authority (HM Revenue & Customs (HMRC)) is to formally consult on proposals for changes needed to the UK VAT grouping provisions. The consultation is as a result of European Court decisions which...more

A Reminder That Modern Large Partnerships are Still Partnerships

Large law and accounting firms ostensibly bear little resemblance to traditional, small-scale partnerships. Nevertheless, in the recent Ontario Superior Court decision in Tim Ludwig PC v BDO Canada LLP, 2016 ONSC 2225, a...more

Companies Act 2006: people with significant control regime now in force

In a significant change to the UK Companies Act 2006, UK-incorporated companies must now collect and keep information about people with significant control over them. The new rules came into force on 6 April 2016. They apply...more

Limited liability partnership and partnership accounts: amending regulations

New regulations make changes to the accounting regulatory framework for LLPs to bring it into line with changes made in 2015 to the accounting regulatory framework for companies....more

Global Private Equity Newsletter - Spring 2016 Edition: New UK Requirement for UK Companies and LLPs to Maintain A Register of...

1. With effect from April 6, 2016, all companies incorporated or formed under the UK Companies Acts, other than exempt companies (see paragraph 3), and all limited liability partnerships (LLPs) incorporated under the UK...more

Businesses Locating in Expanding Keystone Innovation Zone May Qualify for Tax Credit

Philadelphia Mayor Jim Kenney recently announced a significant expansion of the University City Keystone Innovation Zone which is intended to attract new businesses into Center City Philadelphia. Now may be the time to...more

New obligation for companies and LLPs: The register of people with significant control

The Register of People with Significant Control (the “Register”) is a new statutory register which most UK companies and limited liability partnerships (“LLPs”) will be required to keep to ensure that individuals (and certain...more

UK Companies to Keep Mandatory Register of ‘Persons with Significant Control'

From 6 April 2016, UK companies must identify and maintain a public register of persons with significant control. Those persons must supply companies with necessary information or face criminal and other penalties....more

The New PSC Regime

The UK is introducing new beneficial ownership disclosure rules, which will require UK companies and LLPs to create and maintain a new statutory register of people with significant control (PSC register). This note sets out...more

House of Lords and House of Commons Agree on PSC Register Regulations

As noted in the Corporate & Financial Weekly Digest edition of February 5, the UK Government on January 25 published two regulations in relation to new requirements for UK-incorporated companies and UK-formed limited...more

New Mandatory and Publicly Available Registers Will Disclose Ultimate Individual Controllers of Most UK Companies and All English...

The Small Business, Enterprise and Employment Act 2015 introduces important reforms by the UK Government aimed at increasing transparency over the ownership and control of UK companies and English law LLPs. One of the most...more

Ban on Corporate Directors

From October 2016 no person, other than a natural person, will be able to be appointed as a director of a company formed and registered under Companies Act 2006 (the Act) or Companies Act 1985[2], unless that company is the...more

IRS Going After Bad Boy Guarantees?

Under the Section 752 regulations, partnership liabilities (including liabilities of LLCs that are taxed as partnerships) are allocated among the partners based on who bears the economic risk of loss. If no partner is...more

UK Financial Regulatory Developments - February 2016 #13

Treasury renews TAFA designation - Treasury has renewed two designations under the Terrorist Asset Financing etc Act (TAFA). (Source: Treasury renews TAFA designation)... DBIS updates PSC guidance - DBIS has...more

UK Government Publishes Statutory Guidance on the Meaning of “Significant Influence or Control” in Connection With PSC Registers

The Corporate & Financial Weekly Digest edition of January 8 discussed draft guidance published by the UK Government’s Department for Business, Innovation and Skills (BIS) in December 2015 on the meaning of persons with...more

UK Government Publishes Statutory Regulations for UK Companies and LLPs in Connection With PSC Register Requirements

On January 25, the UK Government published two regulations in relation to new requirements for UK-incorporated companies and UK-formed limited liability partnerships (LLPs) to keep a register of people with significant...more

PSC REGIME — ARE YOU READY? NEW RULES ON DISCLOSURE OF UK COMPANIES' ULTIMATE OWNERS

On 6 April 2016, changes to the Companies Act 2006 will introduce a new PSC regime. This will require unlisted UK companies to take reasonable steps to identify those people with significant control over them, and to record...more

PSC Register – The Next Step in UK Corporate Transparency

UK companies and LLPs will be required to keep a register of people with “significant control” over the company (the “PSC Register”) from 6 April 2016 which will be publically accessible and will need to be filed at Companies...more

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