Deborah Pegg, Solicitor in Astle Paterson’s Commercial Department, explains the new disclosure requirements for Limited Liability Partnerships.
Deborah said “From June 2016, it will be a requirement for Limited Liability Partnerships (LLPs) to disclose on a public register the people who have control over the Company.
Whether a person is deemed to have “significant influence or control” is decided with reference to 5 criteria – whether that person holds 25% or more of the share capital or 25% of the votes at any general meeting, whether they are able to control the appointment or termination of a majority of the board, whether they actually exercise, or have the right to exercise, significant influence or control over the Company; or whether they can exercise significant influence or control over other trust or firm which has significant influence or control over the LLP.”
Deborah concluded “Should any one of these criteria apply to a person, they are deemed to have control over the LLP, and their details must be recorded in the Public Register as from 30thJune 2016.”
At Astle Paterson we have a dedicated Commercial Department and a number of Solicitors specialising in Company Law. If you are in the process of setting up a Company or you need any advice or guidance regarding your obligations in relation to your existing Company, please contact Deborah on 01283 531366 or by email to dpegg@astlepaterson.co.uk
