Following several reports regarding the lack of transparency and need to produce a more robust control over Limited Partnerships (LLPs), the UK government has started new regulation targeting this regime.
LLPs will be requested to register and to demonstrate rationale for their existence.
The Company House will be granted powers to struck off inactive LLPs.
The consultations paper (published in April 2018 and then reviewed in December of the same year) showed the following.
Registration, connection to the UK, transparency and on-going communication, strike off powers, tax and other KYC and AML efforts.