The documents filed by the Limited Liability Partnership (LLP) through e-service will be preserved permanently by the Securities and Exchange Commission of Pakistan (SECP). According to the Liability Partnership Regulations, 2018 issued by the SECP here on Thursday, subject to the prior approval of the Registrar of LLP, the LLP records kept in a LLP Registration Office in physical form under the Act may be destroyed, after the expiration of ten years from the date of filing of said record in case of LLP in existence and five years from the date of dissolution in case of dissolved LLP, if the same are not of sufficient public value to justify their further preservation, or have not been ordered by the Commission or any Court or any other competent authority to be preserved for a longer period, or are not likely to be needed in connection with any pending proceedings, before any Court or authority, of which the LLP Registration Office has notice.
Provided that the physical documents and record filed at the time of incorporation of a LLP shall be preserved in the physical form permanently. Provided further that before destroying any physical documents and record, it shall be ensured that each and every document is duly preserved in the electronic form permanently.
The physical record relevant to any legal proceeding, inquiry or investigation which has been initiated in respect of any LLP under any law for the time being in force, shall not be destroyed till the said proceeding attain finality or inquiry or investigation has been closed by the respective authority.
The registrar on being satisfied with the application, shall register the LLP and issue a certificate of Incorporation as per LLP, SECP added.
The SECP said that following words and combinations thereof shall not be used in the name of a limited liability partnership in English or any of the languages depicting the same meaning: Federal Government, Provincial Government, Name depicting association with any foreign government, Name suggesting association with any political personality, Commission, Authority, Register/Registered, Co-operative, Bureau, Division, Department, Undertaking, Municipal, Union, Republic, Nation, President, Governor, Prime Minister, Chief Minister, Minister, Cabinet, Senate, National Assembly, Provincial Assembly, Parliament /Parliamentary, Statute/ Statutory, Court/ Judiciary /Judge, Jury, Administrator.
The list also included names of International bodies and abbreviations thereof including, but not limited to, United Nations, South Asian Association for Regional Cooperation, Organization of Islamic Conference, World Bank, International Finance Corporation, Asian Development Bank, Islamic Development Bank, International Monetary Fund, Red Cross, Red Crescent:
Provided that the Commission may allow any of the above names under special circumstances on the request of any government or authority as the case may be.
The Registrar may strike the name of LLP off the register if an LLP is not carrying on any business or its operation in accordance with the provisions of the Act or has failed to comply with any provision of the Act.
The registrar shall send a notice to the LLP and all its partners, of his intention to strike off the name of the LLP from the register and requesting them to send their representations within a period of one month from the date of the notice. Provided that where the LLP is regulated under any special law, the consent in writing of the regulatory body shall be obtained prior to removal of the name of LLP off the register.
At the expiry of the time mentioned in the notice under sub-regulation (2), the Registrar may, by an order, unless cause to the contrary is shown by the LLP or the registrar is satisfied that the name may not be struck off the register, strike its name off the register, and shall publish notice thereof in the Official Gazette, and on the publication in the Official Gazette of the notice, the LLP shall stand dissolved. Provided that where an LLP which has any known assets and liabilities, the name of such LLP shall be struck of and shall be directed to proceed for voluntary winding up in accordance with the provisions of the Act.
Provided further that the liability, if any, of every designated partner and other partners of the LLP shall continue and may be enforced as if the LLP had not been dissolved. 30. Establishment of LLP Registration Office.- The Commission through notification shall establish offices at such places as deem fit for registration of LLP and performing other duties under the Act and the rules and regulations made thereunder.
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