Regulatory Alerts2018-05-14
Added · Updated
Limited Liability Partnership Regulations, 2018
The Securities and Exchange Commission of Pakistan establishes regulations governing the formation, operation, and dissolution of Limited Liability Partnerships (LLPs). The rules mandate specific procedures for name reservation, incorporation, and the filing of designated partner consents, while prohibiting names associated with government bodies or international organizations. LLPs are required to maintain books of accounts for at least ten years, prepare financial statements within four months of the fiscal year-end, and appoint auditors within sixty days of incorporation. Additionally, the regulations outline obligations for annual filings, auditor rights and duties, and the process for striking an LLP's name from the register if it ceases operations or fails to comply with statutory provisions.