News & Analysis as of

LLPs

Reserve Bank of India Further Relaxes Rules on Foreign Direct Investment in LLPs

by Morgan Lewis on

The RBI Second Amendment removes certain restrictions regarding LLP activities. On 3 March 2017, the Reserve Bank of India notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident...more

Tax Round Up - April 2017

by Proskauer Rose LLP on

Welcome to the Tax Round Up, the first edition of what will be a regular bulletin highlighting the latest tax developments relevant to UK companies and asset managers. We plan to produce this monthly with the next one in...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

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

Alternative Duties for Alternative Entities: High Court Allows LLC and LLP Managers to Limit or Waive Fiduciary Duties

by Pierce Atwood LLP on

The nation’s leading forum for business and shareholder disputes recently confirmed that alternative entities such as limited liability companies (LLCs), limited partnerships (LPs) and master limited partnerships (MLPs) can...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

The SBEEA: Register of Significant Beneficial Ownership

by Reed Smith on

The SBEEA (Part I: People with Significant Control) - Against the backdrop of an increasing push for greater transparency of company ownership, the Small Business Enterprise and Employment Act 2015 (“SBEEA“) took effect on 6...more

Governance & Securities Law Focus: Europe Edition, April 2016

by Shearman & Sterling LLP on

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

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

by Dechert LLP on

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

PSC Regime: Register of People with Significant Control for Sponsor controlled companies

by White & Case LLP on

From 6 April 2016 most UK companies and LLPs will be required to keep a register of people with significant control (“PSCs”). The rules are aimed at increasing transparency over ownership and control of UK companies and LLPs...more

PSC Regime: People with Significant Control – Implications of New Regime for Corporates

by White & Case LLP on

Changes to the Companies Act 2006 as a result of the Small Business, Enterprise and Employment Act 2015 are intended to increase transparency over the ownership and control of UK companies and LLPs from 6 April 2016. They see...more

PSC Regime: Unintended consequences in the search for transparency?

by White & Case LLP on

Changes to the Companies Act 2006 as a result of the Small Business, Enterprise and Employment Act 2015 are intended to increase transparency over the ownership and control of UK companies and LLPs from early 2016 by...more

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

In re Estate of House, 2014 Wash. App. LEXIS 3006 (Wash. Ct. App. 2014) - A release waiving any and all claims that the parties may have or may acquire, bars recovery for unknown claims existing at the time the release...more

LLP Agreements and Repudiatory Breach

by Dechert LLP on

This OnPoint reports on a recent important High Court decision ?limiting the remedies available for breach of a UK LLP agreement. Generally, in contract law, if a party to a contract commits a breach which is...more

‘Horizon scanning’: is a ‘Top-Level’ Firm Required to See Further?

by K&L Gates LLP on

This case involved allegations of professional negligence in the context of tax planning advice, and saw the application of reasonably familiar principles. Whilst these cases always depend on their facts, the decision may...more

How Do I Get Out of this Practice?

by Jaburg Wilk on

For years the goal of many young doctors was to gain ownership in their medical practice entity. For many, when the time came for them to “make partner,” they signed on the dotted line without fully understanding the legal...more

LLP: When Is A Partnership Not a Partnership (And Who Cares)?

by Pepper Hamilton LLP on

In re Beltway Law Group, LLP, 514 B.R. 341 (Bankr. D. D.C. 2014) – A managing partner filed an involuntary chapter 7 petition against a professional limited liability partnership. The bankruptcy court denied the...more

LLP Members and Pensions Auto-Enrolment: An Update

by Dechert LLP on

The UK Supreme Court ruled in May 2014, in Clyde & Co LLP and another v Bates van Winkelhof, that members of Limited Liability Partnerships (LLPs) are to be treated as “workers” and therefore are covered by the protections...more

LLPs and taxation of "disguised employment" – no delay to implementation

Is your business operating in the UK in “Limited Liability Partnership” (“LLP”) form? If so, it may be affected by a tax reform from 6th April 2014, requiring immediate compliance steps....more

Death of the Salaried Partner? Wide Ranging Changes to LLP Member Taxation To Come Into Force on 6 April 2014

by McDermott Will & Emery on

Wide ranging changes to the way in which LLP members are taxed are due to take effect on 6 April 2014. LLPs and their members, particularly those in professional service and private equity/fund management firms, should,...more

Pre-Budget Review: Changes to the Taxation of Mixed Partnerships in the UK

by Dechert LLP on

Background - HMRC published a consultation document on 20 May 2013 which proposed major changes to the taxation of partnerships. This was of particular relevance to investment management LLPs – and especially to those...more

What Withdrawing Partners Can Expect

by Brooks Pierce on

If you are a partner in a limited liability partnership, or if you have clients who are, you'll want to read Judge Gale's opinion in Chesson v. Rives, 2013 NCBC 49, decided last week. It provides guidance on the rights of...more

Starting a Business? Start the Right Business.

After many years of working for other people, you’ve decided to strike out on your own and start a small business in your home town. You have the financial means and some initial ideas to get things going, but you are unsure...more

Fiduciary Duties In Oil Patch Deals

by Jackson Walker on

I. GENERAL. A. Introduction. In selecting a form of business entity for an oil patch deal in Texas the organizer or initial owners can consider the following five business entity forms: • Corporation •...more

Legislative Update: Business Law

by Jackson Walker on

I. GENERAL. A. Introduction. In selecting a form of business entity in Texas the organizer or initial owners can consider the following five business entity forms: • Corporation • General...more

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