MCA Extends Deadlines for LLP BEN-2 & Form No. 4D

On May 7th 2024, MCA (Ministry of Corporate Affairs) issued General Circular No. 3/2024, mentioning LLP BEN-2 and LLP Form No. 4D can be filed without any payment of additional fees up to July 1st 2024. It is directed to all regional directors, registrar of companies and stakeholders. LLP BEN-2 and LLP Form No. 4D are prescribed under the Limited Liability Partnership Act, 2008, for filing information on beneficial ownership. It is necessary to have LLP compliance to avoid legal penalties. In this article, let's look at the MCA relaxation measures and the deadline for the LLP forms as per the circular notice.

File your LLP BEN-2 & LLP Form No.4D before July 1st 2024, with IndiaFilings experts!! File now!

What is a LLP BEN-2?

LLP Form BEN-2 is a filing form used in India for Limited Liability Partnerships (LLPs). It's part of a new compliance requirement introduced in 2023. The form reports information about significant beneficial owners (SBOs) of the LLP to the Registrar of Companies (ROC). When an LLP identifies an SBO, it must receive a declaration from that SBO using a separate form. Then, within 30 days of receiving the declaration, the LLP must file Form BEN-2 with the ROC to report the SBO information. This helps maintain transparency about who ultimately owns and controls the LLP.

What is a LLP Form No. 4D?

LLP Form No. 4D, also introduced in India in 2023, is another new filing requirement for Limited Liability Partnerships. This form focuses specifically on the beneficial interest in contributions received by the LLP, regardless of the source of those contributions. It essentially tracks who ultimately benefits from the funds invested in the LLP. By filing Form No. 4D, LLPs declare details about these beneficial interests to the Registrar of Companies, promoting transparency and ensuring proper disclosure of ownership within the partnership.

MCA Relaxation Measures for LLP Forms

The Ministry of Corporate Affairs (MCA) has extended the deadline and relaxed additional fees for filing LLP BEN-2 and LLP Form No. 4D to support a smooth transition from MCA-21 version 2 to version 3 and encourage compliance among Limited Liability Partnerships. LLPs can now file these forms without any additional fees until 01.07.2024. This circular notice is issued with the approval of competent authority and the signature of Dr.Amit Kumar, Deputy Director (Policy).

Reasons for the MCA Relaxation Measures for LLPs

The MCA understands that businesses may face challenges during the ongoing transition of its MCA-21 filing system from version 2 to version 3. These relaxation measures aim to:

Ease the process for LLPs during the MCA-21 system upgrade.
Encourage timely filing of these important forms to ensure overall LLP compliance.

Conclusion

The Ministry of Corporate Affairs extended the deadline. It waived additional filing fees for LLP forms BEN-2 and 4D until July 1st, 2024, to help with the MCA-21 system update and encourage LLPs to comply with these new beneficial ownership reporting requirements. Get end-to-end assistance from IndiaFilings LLP experts to file these forms before the deadline. IndiaFilings helps you to file LLB BEN-2 & LLP Form No.4D & avoid non-compliance!! File now!

Official MCA Notification regarding the relaxation of additional fees and extended deadlines for LLP forms dtd. May 7th, 2024

Here's your reference for the MCA notice issued on May 7th, 2024, regarding the LLP forms,

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Frequently Asked Questions

Common questions about LLP Compliance for BEN.

LLP BEN-2 is a form used to report details of significant beneficial owners (SBOs) of an LLP to the Registrar of Companies (ROC). LLP Form No. 4D is used to declare details about the beneficial interests in contributions received by the LLP, regardless of the source of those contributions.

The MCA extended the deadline and waived additional fees for filing LLP BEN-2 and LLP Form No. 4D to support a smooth transition from MCA-21 version 2 to version 3 and encourage compliance among Limited Liability Partnerships during this system upgrade.

As per the MCA circular, LLPs can now file these forms without any additional fees until July 1st, 2024.

Filing these forms on time is crucial for LLP compliance to avoid legal penalties. LLP BEN-2 and LLP Form No. 4D promote transparency by disclosing details about beneficial ownership and interests in contributions received by the LLP.

Yes, IndiaFilings offers end-to-end assistance from experts to help LLPs file LLP BEN-2 and LLP Form No. 4D before the extended deadline of July 1st, 2024, and avoid non-compliance.

Failure to file LLP BEN-2 and LLP Form No. 4D within the prescribed time can lead to legal penalties for non-compliance under the Limited Liability Partnership Act, 2008.

The article does not mention any other new compliance requirements for LLPs introduced by the Ministry of Corporate Affairs, apart from LLP BEN-2 and LLP Form No. 4D.

LLP BEN-2 and LLP Form No. 4D have been introduced to maintain transparency about the ultimate beneficial owners and interests in contributions received by LLPs, promoting proper disclosure of ownership within the partnership.

The circular notice regarding the relaxation of additional fees and extended deadlines for LLP BEN-2 and LLP Form No. 4D was issued by the Ministry of Corporate Affairs (MCA) on May 7th, 2024, with the approval of the competent authority and the signature of Dr. Amit Kumar, Deputy Director (Policy).

The article includes a link to the official MCA notification regarding the relaxation of additional fees and extended deadlines for LLP BEN-2 and LLP Form No. 4D, dated May 7th, 2024.