24th July 2024 |
Bills, RIAs
This document outlines the heads of the General Scheme of the Registration of Limited Partnerships and Business Names Bill 2024. The General Scheme is accompanied by a Regulatory Impact Analysis.
The General Scheme repeals and replaces the Limited Partnerships Act 1907 and the Registration of Business Names Act 1963. Both Acts require updating to provide for modern business practices and a robust, transparent and fit for purpose regulatory framework for those engaged in business using a business name or the limited partnership model.
These objectives will be achieved by additional information and reporting requirements; additional powers for the Registrar consistent with those for companies to ensure the integrity of the Registers are upheld; and enhanced enforcement and compliance provisions; whilst retaining the nature of the limited partnership framework.
The General Scheme introduces transparency provisions, including:
- verification of the identity of partners whether natural or legal persons
- a register of beneficial ownership of partners of a limited partnership incorporated or administered outside the EEA
- a requirement to have at least one EEA-resident general partner for the duration of a limited partnership
- a requirement for an ongoing connection with the State for the duration of a limited partnership via a registered office or place of business in the State
Limited partnerships and business names registered under the 1907 Act and 1963 Act respectively, will be required to comply with the new registration requirements within twelve months of the notice from the Registrar (to be issued within thirty months of commencement of the new Act).
Topics:
Company Law, Company and Corporate Law