Is the government really proposing to outlaw corporate members of LLPs?
The recent BIS response paper seems to imply a proposal to inhibit the use of corporate members in Limited Liability Partnerships (LLPs). A response document is the Government’s response to a consultation. Unfortunately, the proposal on corporate members was not mentioned in the earlier consultation.
BIS published the Government’s Response Paper which included the proposal that LLPs should be subject to a new regime relating to disclosure of beneficial owners, in the same way as limited companies. However, the Paper also states that the Government is considering extending its proposal to outlaw corporate directors, subject to limited exemptions and also outlawing corporate members of LLPs.
This could have a significant impact both on a number of existing LLPs which have corporate members and also future use of LLPs.
For now – watch this space.
Date: 12th June, 2014
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