LLP BEN-2 II HOW TO FILL FORM LLP BEN-2 II SBO LLP RULES II 

@@PoojaSharma-kf1nj yes BEN-2 would come into picture for ABC LLP

@@ZOOMYOURRSKILL Do we consider indirect holding for majority stake? If an individual is not holding majority stake directly in the partner but together with family members he holds majority stake then what is to be done?

@@PoojaSharma-kf1njDear …no pl check majority stake definition in this Rules where no such indirect word is used …only for SBO identification this indirect plus direct shall be take into consideration…but in XYZ only perosn holdng Majority stake (i.e X ) shall be SBO as per my understanding…

@@jidhin125 If you would read SBO Rule 3(1)(k) wherein SbO definition is given ..it’s mentioned that contribution more than 10% hold by any individual indirectly or directly would constitute the SBO..in your case your case this would apply as holding of contribution is more than 10 %

Can please define the meaning of an individual because ABC LLP capital contributed directly in XYZ LLP which is represented by ABC LLP designated partner who is not a partner in XYZ LLP.

@@jidhin125 can you please share what are partners and also % of their contribution in ABC LLP?

There are a total 72 partners in ABC LLP out of these three partners are the same in XYZ LLP. These 3 partners contribution in ABC is P1 4.8 P1 2.05 P3 .50 Designated Partner who is representing on behalf of ABC LLP not a partner in XYZ LLP but his contribution is 13.02 in ABC

My doubt is that the second criteria of majority share by individual not fulfilled it's less then 51%

Dear LLP BEN-2 is field when there is indirect holding (say ABC LLP has two partner i.e. P and XYZ Ltd or XYZ LLP holding more than 10% contribution of ABC LLP.. in this case in order to know who are the individual behind this XYZ Ltd or XYZ LLP then accordingly SBO of XYZ Ltd or XYZ LLP shall report to reporting LLP). Form LLP BEN-4 has to be filed when partner name is entered in Register of Partner but Benefits are holds by another person or vice verca …say ABC LLP has two partner Mr X and Mr Y here Mr X has appointed Mr Z as Beneficiary Owner though Mr X name is entered in Register of Partner ..in this Mr X will give Form 4B and Mr Z will give Form 4C then ABC LLP will file LLP Form 4D attaching above Form 4B and Form 4C in the form ..hope this clear

(a) Date of Significant Beneficial Interest (SBI) shall be the date when individual acquire Beneficial Interest in Type of Partner ...lets go by date fields captured in the Form for purpose 2 i.e. In 6(B)(f) mention the date when entry is done in Register of partner (ROP) to be maintained in Rule 22 A LLP Rules. In 6(D) (h)(i) Mention the date when such interest is acquired which shall be taken as Date of SBI i.e. date when Rule 3(1)(k) of SBO LLP Rules triggered. In 6(D)(h)(ii) the date when individual send Declaration in LLP BEN-1 to the reporting LLP. In 6(D)(h)(iii) the date when LLP BEN-1 is received by reporting LLP (b) Attachment instrument creating beneficial interest: This is mandatory applicable when the question of "exercise of control" or "exercise of significant influence" comes into picture for SBO creation and this SBO has to execute an agreement in order to show the exercise of control or significance influence . (Applicable incase of SBO LLP Rule 3(1)(k)(iv) Hope both answered clearly.

Here you need to check what the % of contribution is held by this body corporate in the reporting LLP …if Mr A contribution ((I.e.5%) plus body corporate’s contribution exceeds 10% of total contribution of LLP then SBO is applicable…else not ..

@@ZOOMYOURRSKILL then what about majority stake point ?

@@vineetasingh2893 dear first check LLP SBO rules 3(1)(k) meaning thereby direct contributions of Mr A and of contribution of Body corporate must be more than 10% then SBO apply and then also see explanation III(i) meaning thereby partner is Body corporate and Mr A holds Majority Stake in that body corporate (i.e. more than 50%) …in current case as far as I concerned there is no majority stake of Mr A in body corporate…

@@ZOOMYOURRSKILL maam if either of fhe condition applies then Ben 2 should be filed? Means 10% point or majority stake

@@vineetasingh2893dear …no these both are different from each other for considering SBO ..check 10% wala condition i.e 3(1)(k). Majority Stake comes into picture whenever there is Body Corporate is partner in reporting LLP or Body Corporate is partner in non-reporting LLP

Which field you facing problem in this form …?? By selecting LLP in field 6B(a) and mention details of Mr X in field 6D…same way do for rest two partners

​@@ZOOMYOURRSKILL thanks for the prompt reply. While filing LLPIN again an error arises.. this LLPIN has been used

​@@NehaGupta-st4hkyes..even I am facing the same error..is seperate ben 2 LLP form needed to be filed?

​@@poojagurjar2709 not aware about this. That's why asked query here.

@zoomurskill ...Manju Ma'am pls reply to the query..as I am stuck with this and only 2 days left out for due date