Information about limited partnerships (LPs) will become more accessible and transparent under measures introduced by the Economic Crime and Corporate Transparency Act.
When the measures come into force, LPs will be required to:
provide the names, dates of birth and usual residential addresses of partners
verify the identity of general partners
provide a registered office in the UK
provide a Standard Industrial Classification (SIC) code
file an annual confirmation statement
LPs must submit their details through an authorised agent (also known as an authorised corporate service provider) who's registered with Companies House. This is to ensure that the data is trustworthy and fit for purpose.
There will be new powers to:
close and reinstate limited partnerships
impose sanctions
protect partners' information
operate a statutory compliance process
These measures will require secondary legislation before they're implemented.
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