Limited Partnerships Annual Return Process 14 February 2019 - Companies Office

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Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Limited Partnerships
Annual Return Process
14 February 2019
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Access via www.businessregisters.govt.nz
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Log in using a RealMe account

Note
You can use your Companies Register account details to log straight in to Business Registers.
If you have a RealMe® account, but haven’t used it on the Companies Register, you will be
prompted to set up an online services account on Business Registers.
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Search in Business Registers
-   Search for a limited partnership or
-   Search by role (e.g. general partner, or limited
    partner)
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Request authority

Note
The authority request is not instantaneous and will be processed by us within 3 working
days.
If you haven’t managed a limited partnership before, the Registrar will require written
consent from the general partner. Further information is available here:
https://www.companiesoffice.govt.nz/all-registers/limited-partnerships/maintaining-a-
limited-partnership/requesting-authority-to-manage-information/
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Click on dashboard reminder
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Review and confirm general details
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Important points to note:
1. Access the Limited Partnerships Registers via
   www.businessregisters.govt.nz
2. Any maintenance, i.e. updates of addresses, GP or LP
   additions/removals must be done prior to filing of the
   annual returns.
3. The annual returns for limited partnerships would now
   need to be done online. However, please note that
   there are still some forms you’d need to use as part of
   registration and maintenance services.
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Review and confirm addresses
Limited Partnerships Annual Return Process 14 February 2019 - Companies Office
Review and confirm general partner details
Review and confirm limited partner details
Provide additional information (if applicable)
Review all details
Provide dates, name and designation
Important points to note about review screen:
1. Edit function only takes process back to relevant
   steps and does not allow full editing.
2. Opening another tab in the browser or window
   would not work.
3. Successful payment will confirm completion of the
   annual return filing process.
Payment summary
Dashboard summary
Filings summary
Important information about limited partnerships

1. No fee for filing annual returns. However, levies do apply
    (total $17.25).
2. This has not changed from manual applications.
3. Forms for maintenance are available here:
https://www.companiesoffice.govt.nz/all-registers/limited-
partnerships/forms-and-fees/forms/
Annual return
    process -
Questions & Answers
Questions & Answers
1. Is maintenance for the LPs to be done online now?
    Yes, all maintenance must now be completed online via the Business Registers
    website, including address, general partner and limited partner details
    changes.

2. Can we elect any month we want to file the annual
   returns?
    Yes, the only unavailable months are January and December.

3. Do I need to extract limited partners separately from a
   general extract for the LP?
    No, there is no longer a need to extract different partners. The system will not
    show limited partner details to unauthorised users.

4. Will deregistered LPs be marked in a different colour?
    No, all entity statuses will be the same colour.
5. Where do I find my business if it is not under the organisation?
    If your business is not showing under your organisation, you can search for the entity
    and file the annual return via the Maintain Limited Partnership -> File Annual Return
    on the View Details screen.
    You may have also requested authority as an Individual.
    TIP: Make sure you check that your organisation name is selected in the banner menu.
    To do this, activate the drop-down menu and ensure the radio button alongside the
    organisation name is selected. If you can’t see your organisation name, most likely you
    have requested authority as an Individual.
6. If you have to update LP details, are the changes instant or does
   it take time? How long?
   All changes are instant.

7. How do you capture trusts if they are limited partners? Trustees
   names or the trust name?
   As trusts are not legal entities, you will need to add a limited partner as an Individual
   and select Yes for trustees of a trust. You will then be able to enter a Trust Name, then a
   Trustee Name. Please repeat this process for each trustee.
8. And if these trusts as limited partners have corporate
   trustees?
     A corporate trustee would need to be added as a NZ Registered Entity, or if not
     a registered company, as an Other Entity.

9.   What is the time frame for the removal of a LP if the
     annual return is not filed?
     Approximately 60 days, from the first reminder, excluding advertising of
     removal.

10. Can a LP that has been removed, be reinstated?
     Yes, any removed LPs can be restored, providing the general partner complies
     with the legislation.

11. What other payment methods do you offer if we do not
    want to use a credit card?
     Direct debit (manual request required) and internet banking are also available.
12. Is there an annual return extract as in Companies Register
    for clients to check details before filing?
    No, there is no annual return extract available in Business Registers.

13. Can I use our professional authority in Business Registers?
    There is no professional authority in Business Registers.

14. We made changes to the LP after submitting the annual
    return. Do we need to resubmit the annual return?
    No, the annual return is a legislative requirement, which needs to be filed once
    a year. Subsequent changes can be made to the entity accordingly.

15. Will the system auto-populate the date of filing the annual
    return?
    No, as a presenter you will need to populate this date.
16. Does the direct debit work as it does for all other filings like
    the financials, etc.? On the Disclose Register when you
    submit them and select direct debit an invoice is sent.
    Direct debit is not an automatic choice in Business Registers. You will need to apply
    for this payment method.

17. How do we get someone else added on so they can file the
    returns, etc.?
    You can create an Organisation in Business Registers and add users to this
    organisation to manage LPs on their behalf. The organisation will then request
    authority over these LPs.

18. Can I change the annual return filing month?
    Yes, prior to the first reminder going out on 1 March. Once the first reminder is sent
    and you have March set as your filing month, you must file the annual return in
    that month.

19. In general maintenance, can partner appointment and ceasing be
    backdated?
    Appointments can’t be backdated, however ceasing dates can be.
Thank you for attending our webinar!
The link to the webinar recording will be sent to all
participants via email.

A pdf version of this presentation will also be available on
the Limited Partnership website.

Any questions after this webinar, please feel free to email us
at limitedpartnerships@businessregisters.govt.nz
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