The Ministry of Corporate Affairs (MCA) vide its notification dated March 04, 2022, has notified the Limited Liability Partnership (Second Amendment) Rules, 2022 to amend the existing Limited Liability Partnership Rules, 2009. The amended rules would come into force on the date of its publication in the Official Gazette. Key amendments include:
Now Five Designated Partner Identification Number (DPIN) can be applied at the time of incorporation. Earlier, application for a maximum of two DPINs was allowed at the time of incorporation of LLP.
The amended provisions provide that now PAN and TAN would be allotted to LLPs along with the Certification of Incorporation (COI) itself.
Through the amendment notification the requirement of attaching the authority under which such person is making an application under Rule 19 of the LLP Rules, 2009 is taken away. This will reduce the compliance burden of the LLPs.
The amended provisions prescribe that Statement of Account and Solvency may be signed on behalf of the LLP by an Interim Resolution Professional or Resolution Professional, or Liquidator or LLP Administrator in case where the Corporate Insolvency Resolution Process (CIRP) has been initiated against the LLP under the IBC, 2016 or the LLP Act, 2008. Earlier, Statement of Account and Solvency of the LLP to be signed by its designated partners.
The amended provisions substitute “Form 29” with “Form 28”, now Form 28 is to be filed for the alteration in the Incorporation document or ceases to have a place of business in India.
This is the second time MCA has modified the LLP rules, 2009. The proposed changes would promote the ease of doing business.
