On 18 March 2016, the Limited Liability Partnerships (Register of People with Significant Control) Regulations were published.
Limited Liability Partnerships (“LLPs”) will be required to maintain a PSC register in the same way as UK companies. The regulations apply the relevant provisions of the Companies Act 2006 to LLPs with certain adaptations, for example the criteria for whether someone is a PSC of an LLP are different from the criteria determining whether someone is a PSC of a company.
With regards to an LLP, an individual will be a person with significant control if he directly or indirectly holds the right to:
- more than 25% of the voting rights on matters to be decided by a vote of members of the LLP;
- share in more than 25% of any surplus assets of the LLP on a winding up;
- appoint or remove the majority of persons entitled to take part in the LLP’s management;
- exercise significant influence or control over the LLP; or
- exercise significant influence or control over the trustees or members of a trust or firm that is not a legal person, where those trustees or members would meet any of the specified conditions (or would do if they were individuals).
The Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 can be accessed here: